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LA MESA, CA-R&V Management has acquired the 155-unit Heatherwood Gardens Apartments from San Diego-based Skil-Bilt Inc. for $22 million in a 1031 exchange, according to CB Richard Ellis. The complex, which was built in 1975, sits on 5.5 acres and consists of four two-story wood frame and stucco buildings.
Eric Comer and Jim Neil of CB Richard Ellis represented the seller, with R&V Management representing itself. R&V's new asset occupies a site near the Lake Murray recreation area, Mission Trails Park and San Diego State University, with easy access to the San Diego Trolley.
The Heatherwood Gardens property is considered one of the prime complexes in the area, with amenities including a clubhouse, tennis and volleyball courts, a putting green, gas barbeques, a fitness facility and private sauna. The property has 219 open parking spaces, eight covered carports, two garages, two motorcycle spaces and four handicapped spaces.
Other features include a private patio or balcony, air conditioning, ceiling fans, vertical blinds, dishwashers and large kitchens. Upstairs units offer skylights and all units have extra large closets.
Comer tells Globest.com that the project will not be converted to condos, a question that nearly always arises in the San Diego market when an apartment property changes hands because San Diego led the condo conversion trend in Southern California. Since then, buyers throughout the Southland have been turning apartments into condos.
Seller Skil-Bilt Inc. is the management company for Park View Apartments, at 3700 Tenth Ave. in San Diego. The sale leaves R&V Management with a portfolio of approximately 4,000 to 5,000 units throughout San Diego.
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