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Apartment in Escondido on W. 13th sells

The 16-unit apartment property at 322 W. 13th St., Escondido 92025, has been sold for $2,375,000.

The buyers were Craig S. Logan and Brook R. Logan, co-trustees of the !CB Family Trust (50 percent) and Donald Joseph Mullen, successor trustee of the John Richard Logan II Trust (50 percent), 10731 Treena St., Suite 104, San Diego 92131.

The acquisition, part of a 1031 exchange, was financed with a loan of $1.57 million from JPMorgan Chase Bank (NYSE: JPM), through the Ann Block Team.

The sellers of the property (assessor's parcel 236-112-30) were Khoi Dinh Hoang and Ky Thi Nguyen.

The sellers were represented by Seth Watje and Kate Darling, of South Coast Commercial Inc.

The buyers were represented by Craig Logan, of Logan Family Property Management.

The approximately 16,128-square-foot apartment consists of all two-bedroom/two-bath units.

The transaction price represents a 5.8 percent cap rate, a 10.6 GRM, $147.26 per square foot and $148,438 per unit.

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