Conrad Prebys acquires El Cajon apartment complex for $17 million

Woodglen LLC, a California limited liability company with Conrad Prebys as manager, has purchased the Woodglen Apartments ,a two-story, 160-unit garden-style complex at 12905 Mapleview St., Lakeside. The purchase price was $17,482,500. The acquisition included the assumption of a November 2005 loan, with an original and outstanding balance of $11,802,000. The seller of the property was Efren R. Cota, Ltd., a California limited partnership, with Raebo LLC as its general partner. Gary Edwards is the manager of Raebob. CBRE’s (NYSE: CBG) Eric Comer, Jim Neil and Merrick Matricardi, along with Bob Cota Realty, represented the seller. The apartments total 137,800 square feet and were constructed in 1987 on a 5.77-acre lot. The property was sold in April 2002 for $13.1 million, with financing of $9.75 million. According to CBRE, other apartment complexes that Prebys has acquired recently in El Cajon include the 96-unit Countryside Villas, the 156-unit Tierra Del Sol Apartments, and a 34-unit complex at 275 Ballantyne St.