The 34-unit apartment complex in Pacific Beach at 930 Thomas Ave., San Diego 92109, has been sold for approximately $6.8 million.
The price involved a cash payment of $2.9 million and assumption of the balance of a February 2013 lien from JPMorgan Chase Bank (NYSE: JPM) originally for $3.95 million. According to the broker, the loan was assumable at 3.6 percent.
The buyer was Woodrose L.P., 2417 Hollyridge Drive, Los Angeles 90068. Robert K. Burkett, as trustee of the Robert K. Burkett Revocable Trust, is the general partner of Woodrose.
The seller of the property (423-124-14) was Thomas M. Funke. Anni Grimes, of Sperry Van Ness Finest City Commercial represented the buyer and the seller. The three-story approximately 16,177-square-foot apartment, built in 1960 on a half-acre lot 1.5 blocks from the ocean, consists of 30 one-bedroom units, a single two-bedroom/one-bath unit and three studios.
At three stories, units on the third floor offer views. The amenities include on-site parking for all tenants, a swimming pool and on-site laundry facilities. The property was acquired by Funke in mid-2006 for $4.75 million.