Another 150 Condo Units to Hit Market

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EL CAJON, CA-While the latest reports claim a softening of the residential condo market, developers continue full steam ahead on projects as two more local apartment complexes trade hands and ready for conversion to for-sale units. Maisel Presley Inc, a major condo converter in the area, acquired two El Cajon apartment properties for $22.5 millionIn the first deal, Maisel Presley landed Lexington Park for $13 million. The property, which is located at 600 East Lexington Ave., counts 79 units. The average unit size is 916 sf. Built in 1987, the complex counts both two- and three-bedroom units. On the site are 14 garages and 107 parking spaces.In the second deal, Maisel Presley picked up Tres Pinos for $9.5 million. Located at 520 South Mollison, the complex holds 68 units. Among the units are 24 one bedroom/one baths, 32 two bedroom/two baths and 12 three bedroom/two baths, with an average unit size of 841 sf. Built in 1977, Tres Pinos’ amenities include a swimming pool, recreation room, barbecue area, laundry facility and 109 parking spaces. Dick Schneider, J. Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis’ San Diego Central office represented both the sellers and the buyer in the transactions.For Maisel Presley, it’s been a busy year. In February, the firm acquired Balboa Arms for $59.7 million. The company began a major conversion of the 299-unit complex in May.Located in the Claremont Mesa area, Balboa Arms is a mix of studios, one- and two-bedroom units, with a few three- and four-bedroom units as well. Amenities will include private patios and balconies, three gated swimming pools and an area for children. Originally developed as vintage apartments in the 70s, the units are located in 15 buildings. Balboa Arms is among the largest condo conversions deals for Maisel Presley and its affiliates, according to Scot Presley, CFO of the firm. At the time of the sale, he told Globest.com that Balboa Arms “is a complex deal with a lot of moving parts.”