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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.

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