by Rick Griffin

Jamacha Villas, a 16-unit apartment at 8940 Jamacha Road in Spring Valley, has been sold for $3.5 million. The buyer was GCOLM Legacy LLC, 3027 Homer St., San Diego. George E. Olmstead is manager of GCOLM. The acquisition was financed with a loan of $1,925,000 from Luther Burbank Savings. The seller of the property was The 8940 Group LP, with TAAG Investment Management LLC as general partner. Lauren Boyd is manager of TAAG. The seller was represented by Chris Zorbas, vice president of investments and David Sperling, associate, of Marcus & Millichap. Della DuCharme of Chicago Title, provided the escrow services. Built in 1977, the property occupies a 36,590-square-foot parcel. The property is comprised entirely of three-bedroom, 2-1/2-bath townhomes totaling approximately 21,104 rentable square feet. All of the units have direct access to two-space garages. The property went to a trustee’s sale in June 2008. In November 2009, the apartment was sold for $2.9 million to The 8940 Group. A condominium map on the property was recorded in February 2010

Rick Griffin
Rick Griffin

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