Bancroft Apartments, the 18-unit apartment complex in Normal Heights at 4626 Bancroft St., San Diego 92116, has been sold for $2,225,000 or $123,611 per unit.
The complex was purchased by Blue Corner Capital LLC, with LDV Investments Inc. as the managing member, 967 Reed Ave., San Diego 92109. Philip D Sokol is president of LDV. The buyer secured a new loan of $1.6 million through Andrew Gilligan of JPMorgan Chase Bank (NYSE: JPM).
The seller of the property (assessor's parcel 439-431-37) was Casa del Rio LLC, with Jessica Stokes as the member and manager.
The seller was represented by Bill Anderson, senior vice president/principal at ACRE Investment Real Estate Services. The buyer was represented by Rita Lancaster-Hannah, vice president at Colliers International. Escrow services were provided by Annemarie Lo Coco, of Chicago Title's Park Camino Branch. Cameron Aldrich, of Chicago Title, provided the title insurance services.
The property, built in 1969 by Ray L. Huffman, has 11,214 rentable square feet. There are four garages, and 14 open and covered parking spaces.
The apartment consists of 16 one-bedroom, one-bath units of approximately 610 square feet and two two-bedroom, one bath units of approximately 742 square feet.
The two-story building was constructed on a quarter-acre lot. In fall 2005, the property was sold for $3,175,000.