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Apartments on Montecito in Ramona sold

The 20-unit Buttonwillow Apartments complex at 1528 Montecito Road in Ramona 92065, has been sold for $2.2 million, or $132.72-per-square-foot.

The buyer was BAJC Properties LLC, a California limited liability company, P.O. Box 2132, Rancho Santa Fe 92067, with John J. Silverwood as manager.

The acquisition was financed with a loan of $1.54 million from JPMorgan Chase Bank (NYSE: JPM).

The sellers of the property (assessor's parcels 281-172-11) were James M. Nelson and Arlene M. Nelson, trustees of a trust.

The apartment of approximately 16,576 square feet was constructed in 1979 on a 1.52-acre lot.

The 20-unit Buttonwillow Apartments complex. Courtesy of CoStar

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