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Forest Park Apartments Sell for $37M

EL CAJON, CA-Three California LPs and a private investor pick up the 338-unit complex, with plans to rehab the multifamily asset. Built in the late 1970s, the property features five pools, five spas, several private balconies and patios, carports, and extra storage facilities.

By Erin Cassin | Updated on September 23, 2004

EL CAJON, CA-The 338-unit Forest Park Apartments in El Cajon has traded hands, as three California LPs and a private investor have picked up the asset in a deal valued at $37 million.The buyers plan to rehab the property, which was built in 1974 and 1975, according to Diane Miramontes of Grubb & Ellis/BRE Commercial, who worked on the transaction. Located on a 13.36-acre parcel at 1210, 1250, 1306 and 1430 Petree St., the apartment complex is comprised of 200 one-bedroom, one-bath units; 26 one-bedroom, one-bath units with den; 80 two-bedroom, one-bath units; six two-bedroom, 1.25-bath units; two two-bedroom; 1.25-bath units with den; 17 two-bedroom, two-bath units encompassing 948 sf; and seven two-bedroom, two-bath units encompassing 1,063 sf. Amenities at Forest Park Apartments include five pools, five spas, several private balconies and patios, carports, and extra storage facilities. The bid to buy the property was an “unsolicited offer,” Miramontes says. She, along with Grubb & Ellis/BRE colleague Darcy Miramontes, acted on behalf of buyers Cumberland Club Apartments LP, Sea Vale Associates LP, Forest Park II LP, and Jeffrey Steven Williams. R&V Management, with G.A. Ranglas as president, is the managing partner of the three California LPs. Diane Miramontes tells GlobeSt.com that the buyers own a lot of properties in the area, which is a hotbed of condo conversion. And due to this condo conversion phenomenon, “somebody who owns apartment buildings is going to do well because there’s going to be a need for rental units,” Miramontes explains. The Miramontes team also acted on behalf of seller EC Associates LLC, which counts Frank (Tod) Thorpe as managing member. Thorpe is with Phoenix, AZ-based Pacific Realty Advisors and has purchased and sold more than 1.2 million sf of commercial and multifamily buildings in San Diego over the past eight years.

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