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Apartments on Paradise Valley Road sold

The 128-unit Oakbrook Ridge Apartments complex, at 8515-8529 Paradise Valley Road in Spring Valley 91977, has been sold for $18.8 million.

The buyer was Charles Frederick Kreutzkamp, trustee of the Kreutzkamp 2000 Revocable Trust, 2820 Main St., Chula Vista 91911.

The acquisition was financed with a loan of $13.3 million from JPMorgan Chase Bank (NYSE: JPM).

The seller of the property (assessor's parcel 586-170-11) was Oakbrook Ridge L.P., with OBR Genpar LLC as general partner. G.A. Ranglas is the manager of OBR. The multi-building, approximately 101,744-square-foot apartment complex was constructed in 1985 on 7.09 acres. The property was sold in September 2003 for $13.25 million by Con Am SD Residential Properties Joint Venture.

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