Affordable Fallbrook apartment sold
The Deal of the Week was handled by Allen Chitayat and Steve Huffman, of the San Diego office of Hendricks & Partners; and Douglas Simmons, of DWS Real Estate.
The deal was the sale of the 96-unit Summer Ridge affordable apartment complex at 818 E. Alvarado St. in Fallbrook for $6.8 million.
The buyer was Summer Ridge 96 LP, with Social Services & Affordable Housing Corporation as managing general partner.
Financing in the amount of $5.4 million was arranged by Chris Hutchison, of Alcole Capital; and Gregory Reed, of Beech Street Capital of Newport Beach.
The seller of the property was National Community Renaissance of California (National CORE) of Rancho Cucamonga.
The two-level, approximately 56,364-square-foot apartment was constructed in 1965 and 1975 on 3.28 acres. The property sold in May 1989 for $4,075,000.
