The 94-unit Peach Avenue Portfolio at 1019, 1037, 1038 and 1050 Peach Ave., El Cajon 92021, has been sold for $12 million.
The buyer was Conrad Prebys, trustee of The Conrad Prebys Trust, c/o Progress Construction Co., 3866 Ingraham St., San Diego 92109. The acquisition was financed with a loan of $9.6 million from MUFG Union Bank.
The sellers of the property (assessor's parcels 484-300-03, 09 and 57 and 484-310-06) were DCC Peach Palms LLC DCC 1037 Peach LLC, and DCC Peach Ave. LLC. The sellers are entities of Drake Carver Communities LLC, with Willis E. Short II as the president.
The sellers acquired the properties between February and July 2013 for a total of $9,381,500.
The buyer was represented by Dave Savage, of ACI Apartments. The seller represented itself.
The four-building portfolio, constructed in the 1960's and 70's, offers on-site parking, communal laundry rooms, and balconies or patios.
The apartments consist of one studio, 36 one-bedroom units, 33 two-bedroom/one-bath units, and 24 two-bedroom/two-bath units.
The portfolio sold for $127,660 per unit, a GRM of 11 and a cap rate of 5 percent. The property was 98 percent occupied at time of sale.