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$6M Nets La Mesa Complex

LA MESA, CA- uyer David L. Lysinger is planning to rehab the multifamily asset, known as Saranac Apartments, which dates back to the 1970s. Comprised of two facilities, the complex houses a total of 68 units.

By Erin Cassin | Updated on March 23, 2004

LA MESA, CA-As San Diego County’s multifamily market continues to hold steady, another apartment asset here has traded hands, with David L. Lysinger shelling out $6.3 million for a complex known as Saranac Apartments.

Lysinger, a long-term, local owner/operator, went after the Saranac Apartments asset because he “was looking to put another property into his portfolio,” according to Peter Scepanovic of Colliers International, who worked on the deal. Scepanovic tells GlobeSt.com that the new owner plans to rehab the property, which is comprised of two adjacent facilities built in a three-year period from 1970 through 1972.

Located at 7080-7138 Saranac St., the complex houses a total of 68 apartments. The unit mix consists of two studios; 62 one-bedroom, one-bath floorplans; one two-bedroom, one-bath design; and three two-bedroom townhouse layouts. Amenities here include a swimming pool, balconies and covered parking, according to Scepanovic.

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