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La Mesa apartments on Palm acquired for $6M

The 40-unit Chateau Spring Gardens apartment complex, at 4265 Palm Ave. in La Mesa 91941, has been sold for $6 million.

The buyer was Chateau Spring Gardens LLC, c/o Universe Holdings, 1875 Century Park East, Suite 1800, Los Angeles 90067. Global Integrity Realty Corp. is the manager of Chateau Spring and Henry Manoucheri is president and sole director of Global. Manoucheri is also CEO and chairman of Universe Holdings. The acquisition was financed with a loan of $4 million from First Republic Bank (NYSE: FRC).

The sellers of the property (assessor's parcel 499-481-33) were William and Barbara Blatchley, trustees of the William and Barbara Blatchley 2007 Trust.

Philip Buckley, of CBRE San Diego, represented the buyer. The sellers represented themselves.

The apartment consists of three studios, 10 one-bedroom and 27 two-bedroom units, and was 100-percent occupied at the time of sale.

Built in 1990 on 1.65 acres, the gated property consists of two three-story buildings totaling 35,626 square feet. Based in Los Angeles, Universe Holdings has acquired 4,500 units of multifamily real estate in Southern California since its inception in 1994.

Universe Holdings owns the 94-unit Chateau Spring Hill apartments at 4341 Spring St. in La Mesa. In 2003, the firm acquired the 56-unit Chateau Spring Terrace apartments at 4242 Spring St. Universe Holdings now owns close to 200 units in the same vicinity. According to Manoucheri, Universe Holdings has bought and sold more than 1,000 units in the past few years in the greater San Diego market.

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