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Apartment on University in La Mesa sold

The eight-unit University Avenue Apartments at 7376-7392 University Ave., La Mesa 91942, have been sold for $1.4 million.

The buyers were Earl D. and Florence Benton, 4112 Browndeer Circle, Las Vegas 89129.

The acquisition was financed with a loan of $690,000 from JPMorgan Chase Bank (NYSE: JPM).

The buyers were executing a 1031 exchange from an upleg asset in Huntington Beach.

The sellers of the property (assessor's parcel 475-013-06) were Paul R. Garcia (28.57 percent), Scot D. Kenin (28.57 percent), Robert Malkvist (28.57 percent) and Krystle Moor (14.29 percent).

Doug Taber and James V. Carter, of Apartment Realty Group, represented the buyers. Rick Melfe, of Pacific Commercial Investments, represented the sellers.

The eight apartments total 5,950 square feet and are all two-bedroom/one-bathroom units.

The apartment was constructed in 1954 on a 19,166-square-foot lot, which also has covered parking.

The price of the property represented a cap rate of 5.18, a GRM of 11.9, a price/unit of $175,000 and a price/square-foot of $235.

The property was last sold in September 2013 for $1.2 million, financed with a loan of $850,000 from The Loan Company of San Diego, a California limited partnership.

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