The property, which was being operated as an affordable housing project, was built in 1971. From 1997 to 1998, the seller extensively renovated the complex, which currently features a swimming pool, spa, barbecue area, central laundry room, separate leasing office and community room, waste disposals, air conditioning units, electric radiant ceiling heating and 68 open parking spaces. The rehab involved new paint and signage for the exterior, as well as asphalt repair, partial roof replacement and improvements to the lighting. Interior upgrades entailed the replacement of appliances, air conditioning units and floor coverings.

Located at 241-273 Wisconsin Ave., Pinewood is comprised of two, two-story facilities that encompass a total of 38,158 sf. The unit mix here consists of 46 one-bedroom, one-bath designs; two two-bedroom, one-and-a-half-bath floorplans; and eight two-bedroom, two-bath apartments. Sizes range from 542 sf to 1,125 sf with rents varying from $615 to $810 per month. The complex was approximately 96% occupied at the time of sale.

Jules Arthur and Steve Huffman of the San Diego office of Hendricks & Partners brokered the transaction.