November 18, 2013
FOR IMMEDIATE RELEASE
Immobilier Funds (Immobilier Olive LLC) successfully closed the purchase of 50 apartments November 15, 2013 at 3240 Olive Street, Lemon Grove for $6,300,000 (“Olive Avenue Apartments”) or $126,000 per unit. Of the 50 units, 34 are 1 bedrooms and 16 are 2 bedrooms.
Scott DeGoler, President of DEGO Inc, Managing Member of Immobilier Olive LLC, “We are very pleased to add to our portfolio this nice sized 50 unit apartment investment. The seller has owned it since 1986 and has kept very good care of the property. The property has a little vacancy and we will operate it with PropertyADVANTAGE as the property manager. This 1.74 acre property is in a central part of Lemon Grove with urban amenities nearby yet adjacent to a single family neighborhood. We continue to pursue multifamily projects in San Diego County whether broken residential projects or apartments.”
The seller was 3240 Partners LP with Chase Bank supplying the debt. Dave Savage of ACI Apartments represented the buyer with the Capital Growth representing the seller.
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