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Apartment on Polley in San Marcos sells

The six-unit apartment property at 3421 Polley Drive in San Marcos 92069, has been sold for $930,000, or $155,000 per unit.

The buyer was the Armao Family Trust, with Robert J. Armao and Sharon L. Armao as trustees, 12735 Ashley Falls Drive, San Diego 92130.

The acquisition was financed by JPMorgan Chase Bank (NYSE: JPM) with a loan of $615,000.

The seller of the property (assessor's parcel 219-113-11) was 3421 Polley Drive LLC, a California limited liability company, with Robert P. Santoni as managing member.

The seller was represented by Bill Anderson, senior vice president/principal, and Andrew Lindsay, senior director, of ACRE Investment Real Estate Services.

The buyer was represented by Terry Taylor, vice president of ACI Apartments. Escrow services were provided by Annemarie Lo Coco, of Chicago Title. Cameron Aldrich, also at Chicago Title, provided title insurance.

The approximately 4,420-square-foot apartment was constructed in 1986 on a 10,454-square-foot lot.

The apartment consists of four two-bedroom/two-bath units, two one-bedroom units, totaling 10 bedrooms and bathrooms, and one non-conforming studio.

The property was sold for $375,000 in November 2000 and for $949,000, with financing of $470,000, in October 2004.

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