Continued Sell-Off of Keen Family Trusts Ocean Beach Properties: 6 Unit Apartment on 5000 Block of Cape May Sold for $1.2 Million

The OB Rag has been following the recent sell-off of their Ocean Beach properties originally owned by the Keen family trusts.  In a clear sign that this trend continues, more property was just sold on the 5000 block of Cape May Avenue.

Six units at 5026-5032 Cape May Ave. were sold for $1.2 million, cash, to the Mills Family Trust, with Marcie L. Matassa trustee.   Selling it was U.S. Bank, successor trustee of the Keen Family Declaration of Trust No. One.

Totaling 2,512 square feet, the apartments include six bedrooms and six bathrooms, with the complex having 4 detached one-bedroom cottages and 2 one-bedroom apartments.  They stand on a large lot, 7,000 square feet.

The same property brought $950,000 cash when it was last sold in November 2010.  From San Diego Daily Transcript (subscription)

Other recent sales of property originally owned by Keen Family Trust:

• August 2013 – an old, 1 bedroom house at 5063 Santa Monica  sold for $675,000;

• August 2013 – 3 rental units at 5065-5059 Santa Monica sold for $900,000, cash;

•  Sept. 2013 – 22-unit apartment complex  at 5041 – 5043 Santa Monica Ave  for $4.75 million.

•  Feb. 2014 – 7 cottages at 5073-5085 Voltaire sold for $1.25 million in cash.