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Imperial Beach apartment faces affordable conversion

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The 15-unit Beachwind Court apartment complex at 624 12th St. in Imperial Beach 91932, has been sold for $2.1 million, or $140,000 a unit.

The buyer was Beachwind Court, L.P., a California limited partnership, with Pacific Southwest Community Development Corp., a nonprofit public benefit corporation, as managing general partner; and CIC Beachwind, LLC as administrative general partner. Jack K. Jaynes is executive director/president of Pacific Southwest and Chelsea Investment Corp. is manager of CIC Beachwind. James J. Schmid is president of Chelsea Investment, 725 South Coast Hwy. 101, Encinitas 92024.

The acquisition was financed with $2,165,215 in California Municipal Finance Authority Multifamily Housing Revenue Bonds (Beachwind Court Apartments) 2008 Series A-1 and 2008 Series A-2.

The sellers of the property (assessor's parcel 626-230-16) were Dale Wayne Pruitt and Ellen Joy Pruitt as trustees of a revocable trust. Matthew Brothers and Dennis Leslie of Marcus & Millichap represented both parties.

The approximately 14,000-square-foot apartment occupies a one-third-acre lot and was constructed in 1986. The property has underground parking; on-site laundry facilities; and the units have either a patio or balcony. Fourteen of the units are two-bedroom/one-bath of approximately 875 square feet each, and one five-bedroom/two-bath unit of about 1,750 square feet. The new ownership plans to convert the apartment into a very low-income tenancy property.

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