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Apartments on Bancroft Street sold

The 12-unit apartment complex in Stockton -- at 614 S. Bancroft St., San Diego 92113 -- has been sold for $1.07 million, or $89,167 per unit.

The buyer was 614 Bancroft Street LLC, 604 Glencrest Place, Solana Beach 92075. Roper Living Trust was the managing member of the buyer, and Jonathan G. Roper and Ugne Skripkus Roper were the trustees.

The acquisition was financed with a loan of $856,000 from Banco Popular North America through La Jolla Capital Group, care of Michael Proto.

The sellers of the property (assessorís parcel 545-621-25) were Estella Aguirre, successor trustee of the Joe J. Hanby Trust (50 percent), and Manuel Aguirre and Estella Aguirre as trustees of the Aguirre Family Trust (50 percent).

The sellers and buyer were represented by Chris Robinson, senior vice president/principal and Chris Sarver, investment associate, at ACRE Investment Real Estate Services.

Escrow services were provided by Annemarie LoCoco, of Chicago Titleís Park Camino Branch. Cameron Aldrich, also of Chicago Title, provided title insurance.

The property sold at a current cap rate of 7.8 percent and a GRM of 7.79.

The 9,752-rentable-square-foot building was constructed in 1975 on a 14,000-square-foot-lot.

The two-story apartment consists of 11 two-bedroom, one-bath units and one one-bedroom unit. In June 1993, the property was sold for $97,726.

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