Deal of the Week

 

August 12, 2014

October 24, 2014


Peach Avenue Portfolio sold

The buyer of the Deal of the Week was represented by Dave Savage, of ACI Apartments. The seller represented itself.

The deal was the sale of the four-building, 94-unit Peach Avenue Portfolio at 1019, 1037, 1038 and 1050 Peach Ave., El Cajon, for $12 million.

The buyer was Conrad Prebys, trustee of The Conrad Prebys Trust, c/o Progress Construction Co., 3866 Ingraham St., San Diego. The acquisition was financed with a loan of $9.6 million from MUFG Union Bank.

The sellers of the property 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 four-building portfolio, constructed in the 1960s and '70s, 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 property was 98 percent occupied at time of sale.

The Deal of the Week was the sale of the four-building, 94-unit Peach Avenue Portfolio at 1019 (photo), 1037, 1038 and 1050 Peach Ave., El Cajon, for $12 million.


 

August 12, 2014

October 24, 2014