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Apartments on Arizona in Chula Vista sold

The 25-unit apartment complex, at 556-560 Arizona St. in Chula Vista 91911, has been sold for $2.5 million, or $100,000 per unit.

The buyer was Leonidas Kalderimoglou, trustee of the Leo's Family Trust, 222 Norton Ave., National City 91950. The acquisition was financed with a $1.75 million loan from Luther Burbank Savings.

The sellers of the property (assessor's parcel 618-062-41) were Rufus R. Oliver and Rome P. Oliver.

The sellers were represented by Matthew A Brothers, senior director, and William R. Anderson, senior vice president and principal, of ACRE Investment Real Estate Services. The buyer was represented by John Boyle. Escrow services were provided by Teresa McElaney, of Chicago Title's Park Camino Branch. Cameron Aldrich, also of Chicago Title, provided the title insurance. The apartment was constructed in 1967 on an approximately 21,000-square-foot lot.

The approximately 12,600-square-foot complex consists of a pair of two-story buildings. The unit mix consists of 24 one-bedroom, one-bath units and one two-bedroom, one-bath unit. The property sold at a current cap rate of 5.16 percent and a GRM of 9.84.

The apartment was sold for $1.3 million in early 2000, and for $839,000 late 1997.

The 25-unit apartment complex at 556-560 Arizona St. in Chula Vista. Photo courtesy of CoStar

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