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Maisel Presley Begins $59M Condo Conversion

SAN DIEGO-The local company will operate the project under Balboa Arms LLC, an affiliate of Maisel Presley Inc. The project will commence as early as May with units available for sale within 18 months.

By Daniel D. Williams | Updated on February 14, 2005

SAN DIEGO-An affiliate of local real estate firm, Maisel Presley Inc., will begin a major condo conversion as early as May, with plans to have units available for sale within 18 months. Balboa Arms LLC recently acquired Balboa Ridge from an undisclosed private investor. Balboa Arms has secured a $59.7-million loan from Corus Bank for the acquisition and a complete overhaul of the 299-unit apartment complex.The redevelopment project calls for a “$40,000 to $45,000″ investment per unit, according to Keith Gibbons, a Corus Bank vice president based in Chicago. The property will be marketed to first time condo owners. Once the units have been built out prices will range from the low $200,000s to the high $300,000s, Gibbons adds.Located in the Claremont Mesa area of San Diego, the property is a mix of studios, one- and two-bedroom units, with a few three- and four-bedroom units as well. Originally developed as vintage apartments in the 70s, the units are located in 15 buildings. Amenities will include private patios and balconies, three gated swimming pools and an area for children.Balboa Arms is among the largest condo conversions deals for Maisel Presley and its affiliates. “It’s a very complex deal with lots of moving parts,” says Scot Presley, CFO of Maisel Presley. He tells Globest.com that Maisel Presley is not finished with condo conversions in the metro area, as the company has multiple deals to acquire apartments for conversion, in the works.

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