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Chula Vista apartments sold for $10.6M in 1031

The 70-unit South Bay Manor Apartments, at 1045-1051 4th Ave. in Chula Vista 91911, has been sold for $10,625,000.

The buyer was 1045 4th Ave. LLC, 5663 Stresemann St., San Diego 92122. Estelle Gordon, trustee of the Estelle Gordon Trust, is the manager of 1045 4th. The acquisition was financed with a loan of $5.75 million through CBRE Capital Markets Inc., c/o GEMSA Loan Services LP of Houston.

The seller of the property (assessor's parcel 619-051-30) was South Bay Manor L.P., a California limited partnership, with South Bay Genpar LLC (Genpar) as general partner. G.A. Ranglas is manager of Genpar.

Tim Mills, of CBRE San Diego, represented the buyer. Steve Huffman, of Hendricks & Partners, represented the seller. Bill Chiles and Scott Peterson, of CBRE San Diego's Debt & Equity Finance Group, arranged a Freddie Mac (OTC: FMCC) loan as part of a 1031 exchange.

Built in 1988, the apartments are comprised of four two-story buildings with a mix of two studios, 20 one-bedroom and 48 two-bedroom units totaling 54,732 square feet. The property features a pool, spa, and balconies or patios on a majority of the units. The apartment property was 99 percent occupied at the time of sale.

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