By San Diego Daily Transcript / August 22, 2011
The 16-unit Casa Del Monte Apartment complex in Ocean Beach at 4812 Del Monte Ave., San Diego 92107, has been sold for $2.95 million.
The buyers were Virginia Wilmoth Beck, trustee of the James Alfred Beck and Virginia Wilmoth Beck Family Trust (50 percent); Richard J. Beck and Helen M. Beck, as trustees of the Richard and Helen Beck 2003 Trust; as the sole and separate property of Richard J. Beck, (25 percent) and Elaine Virginia Hornby (25 percent).
The acquisition was financed with a $1.14 million loan through J.P. Morgan Chase (NYSE: JPM), arranged through Andrew Gilligan and C.J. Donovan.
The property sellers (assessor’s parcel 448-272-28) were George N. Sherman and Sherman & Associates 59, with George N. Sherman as general partner.
David Shattles, of Real Estate Services Inc., represented the sellers. Joe Burrough, of Palma Commercial, represented the buyers.
Title Insurance was by Jamie Nalley and escrow services by Teresa McElaney, both of Chicago Title.
Casa Del Monte was built in 1971, consists of 10, two-bedroom, two- bath units ranging from 912 to 960 square feet; and six, one-bedroom units ranging between 676 and 680 square feet.
The two-level apartment totals approximately 12,794 rentable square feet and was constructed in 1971 on a 14,018-square-foot lot.
In January 2002, the property was sold for $1.99 million, with financing of $1.4 million from First Federal Bank.
In September 2004, the property was sold for $2.57 million with financing of $1.84 million, also from First Federal.