The Palms of La Mesa, a 78-unit apartment complex at 7481 and 7487 Mohawk Street in La Mesa, has been sold for $7,683,000 million to a limited liability company named The Palms of La Mesa Apartments. The buyer was The Palms of La Mesa Apartments LLC of Rancho Santa Fe. Jupiter Capital Group LLC is the manager of The Palms, and Jonathan Lampitt is the manager of Jupiter. Andrew Gilligan of JPMorgan Chase Bank (NYSE: JPM) provided financing of $5.75 million. The sellers of the property were Blue Corner Capital LLC (50 percent); Monroe Trust, with Keith B. Monroe and Beverly W. Monroe as trustees (20 percent); and James Robert Purdy (30 percent). The buyer was represented by Peter Scepanovic and Corey McHenry, of Colliers International. The sellers were represented by Rita Lancaster-Hannah, also of Colliers.
The gated property consists of two adjacent parcels of two-story buildings with 38 and 40 units constructed in 1969 and 1970. Amenities include covered and open parking, two pools and balconies. The unit mix consists of 32 one bedroom units at 575 square feet; 23 one-bedroom units at 805 square feet; eight two-bedroom, one-bath units at 775 square feet; eight two-bedroom, two-bath units at 945 square feet and seven three-bedroom, three-bath units at 1,125 square feet. In early 2004, the property was sold for $7.72 million.
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