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Apartment in University Heights on Madison sold

The nine-unit apartment in University Heights at 2605 Madison Ave. in San Diego 92116, has been sold for $1.67 million.

The buyers were George E. Perkins and Karen Perkins, trustees of the Perkins Family Trust, 1666 Garnet Ave., Suite 210, San Diego 92109.

The acquisition was financed with a loan of $850,000 from Malaga Bank.

The seller of the property (assessor's parcel 445-171-01) was Dimi Group LLC, with Steven J. Lizanich as the manager.

Tom McCartin and Brian Barnard, investment specialists in Marcus & Millichap's San Diego office, represented the seller. The buyers were secured and represented by Allen Chitayat of Hendricks-Berkadia, according to John Vorsheck, regional manager of M&M’s San Diego office.

The apartment was constructed in 1969 on a 6,996-square-foot corner lot. The complex consists of four one-bedroom units, three two-bedroom/one-bath units and two two-bedroom/two-bath units totaling 6,513 rentable square feet.

There is off-street parking for 14 vehicles, including covered parking spaces for the one-bedroom units and tandem parking spaces for the two-bedrooms.

The property was sold for $1.2 million in mid-2012 and for $115,000 with financing of $91,000 in June 1977.

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