San Diego Business Journal

Encinitas Apartments Sell for $3 Million

By Lou Hirsh Friday, March 7, 2014
Gardena Gardens Apartments in Encinitas (Photo courtesy of CoStar Group)

Gardena Gardens Apartments in Encinitas (Photo courtesy of CoStar Group)

Stanford Decedents Trust of San Diego has bought the 11-unit Gardena Gardens Apartments in Encinitas for $3 million, according to CBRE Group Inc., which represented the seller.

The 1.2-acre property, at 1141-1195 Gardena Road, was sold by Rubalcaba Family Trust of Escondido. The property was bought as part of a 1031 tax-deferred exchange.

The property, fully occupied at the time of sale, consists of five duplexes, a single-family home and a 0.5-acre vacant lot. The property had been in the Rubalcaba family since 1951, originally developed by Bernardino Rubalcaba, a local general contractor.

The sales transaction was arranged by CBRE multihousing investment property brokers Eric Comer, Jim Neil and Merrick Matricardi.