SAN DIEGO—The CBRE San Diego multifamily team of Jim Neil, Eric Comer and Merrick Matricardi arranged the sale of Prospect 400, a 60-unit apartment building in La Jolla, Calif. The property was acquired from The Carolyn M. Holmer Irrevocable Trust for $29 million.

Located two blocks from the Pacific Ocean at 400 Prospect Street, the four-story, 57,884-square-foot building was constructed on .65 acres in 1970 and consists of seven studios, 29 one bedroom units, 24 two-bedroom units and 10 garages. The property features an ocean view sundeck, heated pool, hydro-therapy spa and a resident lounge with full kitchen, media niche, billiards table and restrooms.

The site was a local landmark and the former summer home of Frederick William Kellogg and his wife Florence Scripps before being redeveloped in 1970. The Alan Daun-designed building was constructed by Mabie and Mintz, Inc. The apartments have been owned continuously since they were constructed in 1970.

Exterior renovations were completed in 2010 and kitchen and bath renovations have been completed in 38 of the 60 units. Key interior renovation features include stained wood cabinets with slab granite countertops, new stainless appliance package, new interior doors and hardware as well as upgraded flooring throughout.

Neil, Comer and Matricardi of CBRE San Diego represented the seller, The Carolyn M. Holmer Irrevocable Trust. The buyers represented themselves.

“The sale of Prospect 400 was a once-in-a-generation transaction,” said Jim Neil of CBRE. “There are very few properties in Southern California that enjoy as strong a location as Prospect 400 and the investor demand for the property was commensurate.”

Annemarie LoCoco of Chicago Title handled the escrow and Ken Cyr and Tom Votel of Chicago Title were title officers.