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La Mesa apartment on Parkway Drive sold

Silver Oaks, the 133-unit apartment at 7400 Parkway Drive in La Mesa 91942, has been sold for $20 million, or $150,376 per unit.

Silver Oak Apartments Venture LLC, c/o Rory Gardner and Grant Geisen, Pacific Urban Residential LLC, 10866 Wilshire Blvd., Suite 740, Los Angeles 90024, was the buyer. Annemarie Lo Coco of Chicago Title handled escrow services.

The transaction involved payment of $8,758,000 and the assumption of a November 2010 Wells Fargo Bank loan with an original principal and current balance of $11,242,000. The loan is at 4.04 percent.

The seller of the property (assessor's parcel 464-480-04) was Silver Oak Associates Ltd., with Silver Oak Genpar, LLC, its general partner. G.A. Ranglas is the manager of Silver Oak Genpar, c/o R&V Management Corp., 3444 Camino del Rio North, Suite 202, San Diego 92108.

Steve Huffman of the San Diego office of Hendricks-Berkadia and Shane Shafer of the Newport Beach office negotiated the transaction.

Built in 1976 on 6.14 acres, the two-story, garden-style apartment community offers one-, two- and three-bedroom units.

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