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Apartment in El Cajon on N. 1st Street sold

The Bostonia Highland Townhomes, a 13-unit apartment complex at 1322 N. 1st St., El Cajon 92021, has been sold for $1.95 million, or $150,000 per unit.

The buyers were Travis O. Johnson and Angela Johnson, trustees of the Johnson Family Trust, 2466 Grand Ave., Vista 92081.

The acquisition was financed with a loan of $1.2 million from Luther Burbank Savings.

The seller of the property (assessor's parcel 484-012-31) was Term Properties L.P., with Smarcal Inc. as the general partner. William D. Lynch is president of Smarcal.

The buyer was represented by Dave Plutner, broker/owner of DP Properties. The seller was represented by Dennis Bragg, of Re/Max Commercial. Escrow services were provided Annemarie LoCoco, of Chicago Title's Park Camino Branch. Toby Macfarlane, of Title 365, provided title insurance.

The two-story apartment was built in 1987 on a 19,602-square-foot parcel and renovated in 2013.

The apartment consists of two three-bedroom/two-bath units and 11 two-bedroom/1.5-bath, townhome style units.

The apartment totals 12,968 rentable square feet and sold at a cap rate of 5.68 percent.

The property previously sold in October of 2012 for $1.25 million.

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