Santee land for low-income apartment sold
Four lots totaling approximately 2.5 acres at 8616-8630 Fanita Drive in Santee 92071, have been sold for $1.9 million and will be redeveloped at low-income housing (assessor's parcels 386-192-36, 37, 39 and 42).
The apartment mix will consist of six one-bedroom units, 18 two-bedroom units and 24 three-bedroom units in two-story buildings.
In the two-step transaction, Immobilier Fund II LLC, c/o Scott DeGoler, P.O. Box 334, Rancho Santa Fe 92067, acquired the property from Cynthia A. McCool, as trustee of a trust and from Robert and Donna J. Guthaus, and passed the property to Fanita 48 L.P., a California limited partnership involving Chelsea Investment Corp. and Pacific Southwest Community Development Corp. James J. Schmidt is president of Chelsea and Robert W. Laing is president of Pacific Southwest.
