Apartment complex on Mollison in El Cajon sells for $15 million

by Rick Griffin

The 132-unit Key Largo apartment complex at 380 Mollison Ave. in El Cajon has been sold for $15.25 million. The buyer was HPD Key Largo L.P., a California limited partnership, 250 W. Colorado Blvd., Arcadia, Calif. The sole member and manager of HPD is Highland Property Development LLC, with William E. Rice the authorized manager. The managing general partner of HPD is National Housing Corp., with Stephen J. Margetic as president. The seller of the property was Key Largo Partners, Ltd., with Key Largo Inc. as general partner. Stanley D. Cohen is vice president and secretary for Key Largo. Dixie Hall, Kevin Mulhern and Rachel Parsons of CBRE, along with the Seattle-based Affordable Housing Group of Jim Lampman and Jerry Low, represented the seller. The two-story, garden-style complex totals 105,098 square feet. The new ownership is reportedly planning more than $5.5 million in capital improvements to the property. JPMorgan Chase Bank provided $16.5 million in financing as agent for California Municipal Finance Authority as issuer of California Municipal Finance Authority Multifamily Housing Revenue Bonds 2012 Series A.