The 20-unit apartment complex in Grant Hill at 3295-3299 Imperial Ave., San Diego 92102, has been sold for $1.85 million, or $92,500 per unit.
The buyer was CARV Properties, LLC, 7630 Design Center Court, Suite 401, Chula Vista 91911, with Carlos Ledesma and Victoria Ledesma as managing members.
The acquisition was financed with a loan of $1,295,000 from California Bank & Trust.
The seller of the property (assessor's parcel 545-401-01) was the Joe J. Hanby Trust, with Estelle Aguirre as successor trustee.
The seller was represented by Chris J. Robinson, senior vice president/principal, and Chris Sarver, investment associate, at ACRE Investment Real Estate Services. The buyer was represented by Bill Anderson, senior vice president/principal, also at ACRE. Escrow services were provided by Annemarie LoCoco of Chicago Title's Park Camino Branch. Cameron Aldrich, also of Chicago Title, handled the title insurance.
The building was constructed in 1982 on a 20,874-square-foot lot and totals 18,056 rentable square feet. The apartments consist of 12 two-bedroom, one-bath units and eight three-bedroom, two-bath units.
The property sold at a current cap rate of 7.51 and a GRM of 7.29.