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Apartment in Spring Valley on Grand sold

A 14-unit apartment complex in the La Presa neighborhood at 860 Grand Ave., Spring Valley 91977, has been sold for $1,595,000.

The buyers were Lars Gosta Ekman and Siri Anthonisen Ekman, co-trustees of the Ekman Living Trust, 213 Avenida Cortez, La Jolla 92037.

The acquisition was financed with a loan of $1,195,000 from JPMorgan Chase Bank (NYSE: JPM.)

The sellers of the property (assessor's parcel 584-320-38) were Melchor B. Cristobal, successor trustee of the Melchor Salvador Cristobal Separate Property Trust (50 percent), and Jeff L. and Tami E. Summit (50 percent)

The approximately 12,600-square-foot apartment consists of mix of townhomes or flats, mostly two bedrooms.

The gated, garden low-rise apartment was constructed in 1965 on a 15,246-square-foot corner lot that includes an on-site laundry and pool.

The property was sold in May 2003 for $1.3 million with financing of $550,000 from Benchmark Financial.

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