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Casa Riviera on Pacific Beach Drive sold

The 25-unit Casa Riviera apartment in Pacific Beach at 1450 Pacific Beach Drive, San Diego 92109, has been sold for approximately $6.34 million.

The price involved payment of $3,198,000 plus assumption of an August 2007 loan from JPMorgan Chase Bank (NYSE: JPM) originally for $3.4 million with an outstanding balance of approximately $3.14 million.

The buyer was Baylofts Apartment Homes LP, 1322 Scott St., Suite 204, San Diego 92106, with Pro West Inc. its general partner. Mark Gosselin is president of Pro West.

The seller of the property (assessor's parcel 423-282-11) was 1450 Pacific Beach Limited Partnership, with Pacific Beach Investment Corp. as the general partner. Diane Blumenthal is president of the general partner.

Gary B. Urtiaga, senior vice president/director of Apartment Realty Group (ARG) represented both parties in the transaction. Della Ducharme, of Chicago Escrow, handled the escrow and Toby Macfarlane, of Advantage Title Company, provided title services.

The three-story, approximately 18,288-square-foot apartment consists of three three-bedroom/one-bath units, 16 two-bedroom/one-bath units and six one-bedroom units, and includes 11 single-car garages.

The building was constructed in 1957 on a 14,375-square-foot lot.

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