The 161-unit Rio Vista Apartments at 1120-1260 W. San Ysidro Blvd., San Ysidro 92173, has been sold for $22.1 million. The two-level apartment complex was constructed in 1995 on 9.92 acres.
The buyer was Standard Rio Vista LP, a California partnership, 1901 Avenue of the Start, Suite 395, Los Angeles, Attn: Sydne Garchik.
The acquisition was financed with a HUD loan of $22,358,900 through Dougherty Mortgage LLC.
Standard Rio Vista GP LLC, is the administrative partner of the buyer, and Housing on Merit, a California non-profit public benefit corporation, is the managing partner.
Jeffrey E. Jaeger is manager of Standard Rio Vista GP. Jennifer Litwak is executive director of Housing on Merit.
The seller of the property (assessor's parcel 637-010-76) was Beverly Hills-based PSCDC Rio Vista LLC, a California limited liability company with Pacific Southwest Community Development Corp., a California nonprofit public benefit corporation, with Robert W. Lains as the president/executive director.
In late 2011, the property, then Nova Rio Vista Gardens Apartments, was sold for $21 million with financing of $17.2 million from Deutsche Bank Berkshire Mortgage Inc.
The seller of in late 2011 was Steadfast McCord RVA LP, a California limited partnership -- with Affordable Housing Access Inc., a California nonprofit public benefit corp. -- as a general partner and Steadfast McCord BCR LLC as a co-general partner.