Condo-conversion project in National City sold
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A 72-unit apartment complex in the process of being converted to condominiums at 305 E. 26th St. and 2420 D Ave. in National City has been sold for $9.85 million.
The buyer of the property was 26th 305 D 2420 LLC, an entity created by Maisel Presley.
The seller of the property was HV Residences LLC. Chris LaFornara and Dave Hurwitz are the managing members of HV Residences.
The complex has 49 one-bedroom, one-bath units and 23 two-bedroom, one-bath units.
The project was financed by a $12,477,000 (condo conversion loan) with IndyMac Bank. John Stalford & Joseph Siemienowski of Siemienowski & Stalford were the brokers who represented all principals in the transaction.
The property went under contract prior to having received a tentative map. The transaction closed shortly after the recordation of the final map.
National City is new to condominium conversions, and numerous policies had to be adopted to facilitate the conversion.
Joseph Scarlatti of Archstone Consulting handled the tentative map approval.
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LOCATION^San Diego
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BODY^A six-unit complex at 3560-3568 Garfield St., San Diego, 92008, has been sold for $1.7 million.
The buyers were Thomas and Alexandra Stanton of the Thomas and Alexandra Stanton Revocable Trust.
The sellers were Kenneth and Lori Wagner under the Wagner Family Trust and Keith Wagner.
