The eight-unit apartment complex at 3969 Ocean View Blvd., San Diego, has been sold for $635,000 or $79,375 per unit.
The property was purchased by Ocean View Terraces LLC, 604 Glencrest Place, Solana Beach 92075. The managing member of Ocean View is The Roper Living Trust, with Johathan G. Roper and Ugne Skripkus Roper as trustees.
The sellers of the property (assessor's parcel 546-330-17) were Estella Aguirre, as successor trustee of the Joe J. Hanby Trust, and Manuel Aguirre and Estella Aguirre as trustees of The Aguirre Family Trust.
The buyer and sellers were represented by Chris J. Sarver, investment associate, and Chris J. Robinson, senior vice president/principal, at ACRE Investment Real Estate Services.
The acquisition was financed with a loan of $508,000 from Banco Popular North America (Nasdaq: BPOP), through La Jolla Capital Group, c/o Michael Proto.
Escrow services were provided by Annemarie LoCoco, of Chicago Title's Park Camino Branch. Cameron Aldrich, of Chicago Title, provided title insurance.
The apartments consist of six 2 two-bedroom, one-bath units and two one-bedroom units. The property sold at a current cap rate of 8.55 and a GRM of 7.2.
The building was constructed in 1960 and totals 4,870 rentable square feet on a 6,752-square-lot.
In December, the same buyer, sellers and brokers sold the 12-unit apartment at 614 S. Bancroft St. in San Diego for $1.07 million.