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Apartment on 68th near SDSU sold

The 38-unit apartment complex east of San Diego State University at 4823 68th St., San Diego 92115, has been sold for $5,200,672.

The buyers were Carolyn A. Kutzke, trustee of the Carolyn A. Kutzke Trust (37.12 percent); Karen Ann Kapp, trustee of the Karen Ann Kapp Trust (16.29 percent); Evanne D. Lill, trustee of the Evanne D. Lill Trust (9.7 percent); 68th Street LLC (36.23 percent); and Mary Leigh Porter trustee of the Mary Leight Porter Trust (0.66 percent). Kutzke is the managing member of 68th St., P.O. Box 6803, San Diego 92160.

The acquisition was financed with a loan of $3.8 million by Andrew Gilligan of JPMorgan Chase Bank. Escrow services were provided by Teresa McElaney of Chicago Title Company.

The sellers of the property (assessor's parcel 468-260-24) were The Phair Family Partnership, with Patricia Phair, Jeffrey Phair and Alan Seacord as co-trustees; and Barbara H. Franovich, trustee of the Credit Shelter Trust, the QTIP Trust and the Barbara H. Franovich Trust.

All units are two-bedroom, two-bath of approximately 1,000 square feet.

The seller was represented by Tim Rhea of Rhea Properties. The buyer was represented by Dixie Hall of CBRE (NYSE: CBG).

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