Bank sells apartments
Eric Comer, Jim Neil and Merrick Matricardi of CB Richard Ellis (NYSE: CBG) represented both parties in the Deal of the Week.
The deal was the sale of 24 apartment units in El Cajon for a total $2.19 million. The buyer of both properties was Carv Properties LLC, c/o Carlos Ledesma, of Chula Vista. Carlos G. and Victoria Ledesma are managers of Carv.
The seller was Preferred Bank, which also financed the transactions.
The seven-unit apartment complex at 469 North First St. sold for $624,500 ($89,214/unit). The apartment complex features seven two-bedroom, two-bathroom units of 930 square feet each. Preferred provided a loan of $499,000.
The 17 units in the 25-unit El Palacio complex at 549 Graves Ave. sold for $1.56 million ($92,132/unit). The unit mix includes 16 two-bedroom, two-bathroom units and one three-bedroom, two-bathroom unit. The acquisition was financed with a loan of $1.25 million.
Both complexes have been renovated with substantial work completed toward condominium conversion. The new owner will continue to operate the properties as apartments.
