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Deal of the Week - Sale

Casa Riviera in PB sold

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Gary B. Urtiaga, senior vice president/director of Apartment Realty Group (ARG), represented both parties in the Deal of the Week.

The deal was the sale of the 25-unit Casa Riviera apartment in Pacific Beach at 1450 Pacific Beach Drive, San Diego, for approximately $6.34 million.

The price involved payment of $3,198,000 plus assumption of an August 2007 loan from JPMorgan Chase Bank (NYSE: JPM) originally for $3.4 million with a reported outstanding balance of approximately $3.14 million.

The buyer was Baylofts Apartment Homes LP of San Diego, with Pro West Inc. as its general partner. Mark Gosselin is the president of Pro West.

The seller was 1450 Pacific Beach Limited Partnership, with Pacific Beach Investment Corp. as the general partner. Diane Blumenthal is president of the general partner.

Della Ducharme, of Chicago Escrow, handled the escrow and Toby Macfarlane, of Advantage Title Company, provided title services.

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