San Diego Source
The 50-unit Olive Avenue Apartments complex at 3240 Olive St. in Lemon Grove 91945, has been sold for $6.35 million.
The buyer was Immobilier Olive LLC, 5142 Avenida Encinas, Carlsbad 92008, attention: Scott DeGoler, c/o Property Advantage.
The acquisition was financed with a loan of $6.35 million from JPMorgan Chase Bank (NYSE: JPM).
The seller of the property (assessor’s parcel 480-171-18) was 3240 Partners Ltd., a California limited partnership. John E. Michaelsen signed for the partnership.
The buyer was represented by Dave Savage, of ACI Apartments. The seller represented itself. Escrow was handled by Linda McLain and title was by Craig Bratlien; both Bratlien and McLain are with Lawyers Title Company.
The property is located just west of Lemon Grove Avenue between Broadway and Central Avenue. Built in 1980 on a 1.74-acre lot, the approximately 39,680-square-foot apartment consists of 16 two-bedroom/one-bath units, and 34 one-bedroom units.
The property was sold in April 1986 for $2.2 million, with financing of $1.6 million.