Chula Vista Apartments Sold for $10.6MWednesday, January 9, 2013
The Jack Kushner Administrative Trust has acquired the 70-unit South Bay Manor Apartments in Chula Vista for approximately $10.6 million. The seller was South Bay Manor LP of San Diego, according to a statement from brokerage firm CBRE, which represented the buyer.
The seller was represented by Hendricks & Partners. CBRE arranged a Freddie Mac loan on behalf of the buyer, as part of a property transaction known as a 1031 exchange.
South Bay Manor, at 1045-1051 Fourth Ave., was built in 1988 and consists of four two-story buildings. It was 99 percent occupied at the time of sale.
-- SDBJ Staff Report