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City Heights units bought for affordable housing

The 20-unit apartment complex in City Heights at 4348 53rd St, San Diego 92115, has been sold for $2.25 million.

The buyer was the City Heights Community Development Corporation, a California non-profit public benefit corporation, 4001 El Cajon Blvd., Suite 2205, San Diego 92105, with Kenneth Grimes as the executive director.

The acquisition was financed with a $2.25 million loan from Local Initiatives Support Corp. of New York City, 4305 University Ave., Suite 420, San Diego, 92105, with Kwofi Reed as the program officer.

The seller of the property (assessor's parcel 472-040-45) was Vista International Inc., with Dominick Veliko-Shapko as the president.

The seller was represented by Brian Raynoha, of ACI Apartments. The buyer was represented by Ricardo Lopez and Keith Courtney, also of ACI. Escrow was handled by Teresa McElaney, of Chicago Title and Richard Moore, also of Chicago Title, handled title insurance.

Built in 1975, the 11,950-square-foot apartment consists of 16 one-bedroom units and four two-bedroom/one-bath units. The property will become affordable housing.

The property is located one block south of El Cajon Boulevard, between Dawson Avenue and 54th Street near the Colina del Sol Community Park.

The 20-unit apartment complex in City Heights at 4348 53rd St, San Diego 92115, has been sold for $2.25 million.

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