— The 22-unit Peach Palms, 1038 Peach Ave., and the 18-unit Sierra Gardens, 1050 Peach Ave., have been sold for $4,337,500. The buyer was DCC Peach Palms LLC, 3610 Hancock St., San Diego, with DCC Multifamily Fund LLC as manager and Drake Carver Communities LLC as fund manager. Drake Carver Communities LLC operates a multi-family fund currently acquiring properties in Southern California. The acquisition was financed with a loan of $3,036,250 through JP Morgan Chase Bank (NYSE: JPM). The seller of the property was 532 West Olive Street L.P., a California limited partnership. Built in 1970, the apartments are comprised of two two-story buildings with a mix of seven one-bedroom and 33 two-bedroom units totaling 34,726 square feet.
— The 34-unit Autumn Ridge Villas, at 1019 Peach Ave., has been sold for $3,264,000. The buyer was DCC Peach Avenue LLC, 3610 Hancock St., San Diego, with DCC Multifamily Fund LLC as manager and Drake Carver Communities LLC as fund manager. The acquisition was financed with a loan of $2,284,000 through JP Morgan Chase Bank. The seller of the property was Betty T. Ma, trustee of the Betty T. Ma Living Trust. Built in 1968, the 26,500-square-foot apartment consists of a pair of two-story buildings, with a mix of 10 one-bedroom and 24 two-bedroom units on a 41,818-square-foot lot that includes 42 parking spaces.
— Greenfield Estates, a 58-unit apartment property at 501 Greenfield Dr., has been sold for $8 million. The buyer was Greenfield Estates 58 LLC, 6847 Elaine Way, San Diego. The buyer paid $2,316,000 and assumed a February 2008 Fannie Mae (OTC: FNMA) loan with a current balance of $5,684,000. The seller of the property was Greenfield Partners L.P., with Greenfield Genpar LLC as general partner. Built in 1988 on 1.92 acres, Greenfield Estates consists of eight two-story buildings featuring 55 two-bedroom units, two three-bedroom units, one four-bedroom unit with total rentable square footage of 45,575. The property includes 33 garages totaling 46,200 rentable square feet, a community pool, spa, barbecue, laundry facilities and rental office. The property was sold in late 2005 for $6.7 million.
— Tarzana, Calif.-based Mollison 150 Enterprises LP has purchased the 150-unit Bella Vista Apartments, 545 N. Mollison Ave., for $12 million. The community built in 1964, is subject to low-income housing tax credit restrictions due to expire in 2028, according to a statement from brokerage firm Hendricks-Berkadia, which represented the buyer and seller. The seller was Madison/Mollison LP of Carmel, Ind., with Pedcor Housing Corp. as its general partner. The buyer partnership, which includes CARE Housing Services Corp. of Tarzana, plans renovations to the property.
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