• News
  • SAN DIEGO
  • Real Estate

Prebys acquires two apartment properties

Vista Lane Apartments, a two-building, 150-unit apartment at 1440 Second Ave. in Chula Vista, 91911, has been sold for $19.45 million, or $129,667 per square foot.

The buyer was Conrad Prebys, trustee of the Conrad Prebys Trust, c/o Progress Construction Co. Inc., 3866 Ingraham St., San Diego 92109. The acquisition was financed with a loan of $15.56 million from Union Bank.

The seller of the property (assessor's parcel 623-060-64) was Charles Frederick Kreutzkamp, trustee of the Kreutzkamp 2000 Revocable Trust.

Christopher J. Zorbas, a first vice president investments in Marcus & Millichap's San Diego office, represented the seller and buyer.

The two-story apartment complex was constructed in 1975 on 4.7 acres.

Also this month, the Conrad Prebys Trust acquired 190-unit apartment units on East Mission Ave. in Escondido 92025, at 740-786 (162 units) and 825-829 (28 units) for $25.65 million.

The seller of the property (assessor's parcels 230-010-59 and 230-051-06) was Escondido MV/MB LLC, with PCCP/FPA Escondido Acquisitions, LLC its sole member. Michael B. Earl is the manager of PCCP/FPA. That acquisition was financed with a $20.52 million loan from Union Bank.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

Subscribe Today!