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Apartments in El Cajon on Greenfield Drive sold

Greenfield Estates, a 58-unit apartment property at 501 Greenfield Drive, El Cajon 92021, has been sold for $8 million.

The buyer was Greenfield Estates 58 LLC, 6847 Elaine Way, San Diego 92120, attention: Michael Recht and Marlene Sasson-Recht. The buyer paid $2,316,000 and assumed a February 2008 Fannie Mae (OTC: FNMA) loan with an original and current balance of $5,684,000. The seller of the property (assessor's parcels 483-101-04, 27 and 28) was Greenfield Partners L.P., with Greenfield Genpar LLC as general partner. G.A. Ranglas is the manager of Greenfield Genpar.

Eric Comer, Jim Neil and Merrick Matricardi, of CBRE San Diego, represented the seller. Ron Mazzola, of Ron Mazzola Realty, represented the buyer. Built in 1988 on 1.92 acres, Greenfield Estates consists of eight two-story buildings featuring 55 two-bedroom units, two three-bedroom units, one four-bedroom unit with total rentable square footage of 45,575. The apartment was 96 percent occupied at the time of sale.

The property includes 33 garages totaling 46,200 rentable square feet, a community pool, spa, barbecue, laundry facilities and rental office.

The property was sold in late 2005 for $6.7 million.

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