The CBRE (NYSE: CBG) Multifamily team of Dixie Hall, Kevin Mulhern and Rachel Parsons represented the seller in the Deal of the Week.
The deal was the $28.3 million sale of an unsold 124 units in Central Park La Mesa, originally a 216-unit condominium in La Mesa at 5636 Amaya Drive.
The buyers were VLD Sweetwater LP (69.4 percent) and Central Park Partners LP (30.6 percent), partnerships controlled by San Diego-based R&V Management Corp.
Central Park Genpar LLC is the general partner of Central Park Partners and R&G Management is the manager of Genpar.
G.A. Rangles is the president of R&G. Sweetwater Genpar LLC is the general partner of VLD Sweetwater, and Carol Vassiliadis is manager of VLD.
The seller of the property was JH/TMP La Mesa LLC, an affiliate of JH Real Estate Partners Inc., based in Newport Beach.
The property opened condominium sales in late 2006 before ceasing in early 2008. The 92 units were sold for an average price of $302,000 per unit (47 one-bedrooms at an average of $251,423 and 45 two-bedrooms at an average of $355,393).
The remaining 124 units consist of one- and two-bedrooms averaging 598 to 988 square feet. The unit mix consists of 33 one-bedroom units and 91 two-bedrooms.
Onsite amenities include a clubhouse, fitness center, swimming pool, spa and barbecue areas.
The complex was constructed in 1989 and partially renovated in 2006.