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Apartment in Normal Heights on Adams sold

The 11-unit apartment complex in Normal Heights at 3621 Adams Ave., San Diego 92116, has been sold for $1,855,000.

The buyer was 3621 Adams Ave. LLC, 4060 Huerfano Ave., Suite 208, San Diego 92117. Stella Maris RE LLC, is the manager of 3621 Adams. Joseph Brady is the manager of Stella Maris, and John Henry Winter-Nolte is the president.

The acquisition was financed with a loan of $1.2 million from JPMorgan Chase Bank (NYSE: JPM).

The sellers of the property (assessor's parcel 440-582-05) were Any Campagna and Stephen Coles, each as to 50 percent.

Brian Raynoha of ACI Apartments represented the buyer. The sellers were represented by Mike Rauber of ReMax Hometown Realtors.

The 7,000-square-foot apartment consists of ten one-bedroom units and one two-bedroom/one-bath unit. The apartment was constructed in 1963 on a 6,625-square-foot lot.

The sellers, as A&S Adams Avenue LLC, acquired the property in early fall 2012 for $1,075,000 with financing of $750,000 from California Bank & Trust.

In December 2005, the property was sold for $1,245,000.

The 11-unit apartment complex in Normal Heights at 3621 Adams Ave., San Diego 92116, has been sold for $1,855,000.

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