Apartment in Grant Hill on L Street sold
The 10-unit apartment complex in Grant Hill at 3045 L St., San Diego 92102, has been sold for $960,000 or $96,000 per unit.
The buyer was 3045 L Street LLC, a California limited liability company, 571 San Lucas, Solana Beach 92075. The Roper Living Trust, with Jonathan G. Roper and Ugne Skripkus Roper as trustees, is the managing member.
The acquisition was financed with a loan of $744,000 from Banco Popular North America, through La Jolla Capital Group, care of Michael Proto.
The seller of the property (assessorís parcel 545-292-09, 10 and 11) was Estella Aguirre, successor trustee of the Joe J. Hanby Trust.
The seller and buyer were represented by Chris J. Robinson, senior vice president/principal and Chris J. Sarver, investment associate at ACRE Investment Real Estate Services.
Escrow services were provided by Annemarie LoCoco, of Chicago Titleís Park Camino Branch. Cameron Aldrich, also of Chicago Title, provided title insurance.
The building was constructed in 1972 and totals 9,058 rentable square feet. The property consists of three adjacent parcels, all totaling nearly 14,000 square feet.
The apartments consist of four three-bedroom, two-bath units and six two-bedroom, one-bath units.
The property sold at a current cap rate of 8.01 and a GRM of 7.62.
The property was sold in November 1987 for $350,000, with financing of $308,000 from International Savings & Loan.
