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San Diego Investor Shells Out Nearly $8M for Condo-Mapped Asset

CHULA VISTA, CA-Yet another apartment asset in San Diego County is on its way to becoming a condo property, as San Diego-based investor DJF 1000 LLC buys the Sea Vale complex in Chula Vista with plans to convert the rental units into condominiums.

By Erin Cassin | Updated on June 23, 2004

CHULA VISTA, CA-In yet another example of how investor demand for condominium product is continuing to drive up the value of condo-mapped apartment properties, the Sea Vale complex here has recently sold for $164,130 per unit. Buyer DJF 1000 LLC intends to convert the apartment asset into a condo property, according to Athan Ranglas of Hendricks & Partners, the brokerage firm that handled the $7.6-million transaction.Located at 695 Seavale St., the apartment complex boasts “spectacular views of the San Diego Bay,” according to Hendricks & Partners’ literature on the project. It houses a total of 46 units that break down as 10 one-bedroom, one-bath designs of 660 sf each; 12 one-bedroom, one-bath floor plans of 723 sf each; two one-bedroom, one-bath layouts of 796 sf each; 10 two-bedroom, two-bath designs of 1,000 sf each; and 12 two-bedroom, two-bath floor plans of 1,052 sf each. At time of sale, monthly rents here ranged from $825 to $1,125. Built in 1977, Sea Vale features intercom access, a laundry facility, leasing office, spa, landscaping, and 24 covered and 43 open parking spaces. Interior amenities include refrigerators, garbage disposals, dishwashers, balconies and patios, individual hot water heaters, and skylights in select units. In the recent transaction, both DJF 1000 LLC and seller Sea Vale Associates LP of San Diego were represented by Jules Arthur and Steve Huffman of the San Diego office of Hendricks & Partners. In a testament to the high demand for condo-mapped assets in San Diego County, the complex was only on the market for a couple of weeks, according to Ranglas, who is a broker assistant at Hendricks & Partners. He tells GlobeSt.com that the seller was motivated by the premium prices currently being offered for condo-mapped properties.

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