The apartment community at 9062 Kenwood Drive, Spring Valley closed escrow on Feb. 28. The property was purchased in December of 1996 for $515,000 as a real-estate owned sale. The buyer did a comprehensive rehabilitation of the property.
The facelift given to the property by the new ownership included plumbing, new appliances, kitchen cabinets, new flooring and roofs. The property was 100% occupied at the time of sale. The loan was acquired through David Smyle at Benchmark Financial.
Dan McCue, a senior advisor in Grubb & Ellis¹ San Diego office, represented the seller, Craig A. Rogers. Terry Moore of ACI Commercial represented the buyer, Stephen Gardella Trust.
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