The eight-unit apartment complex in Ocean Beach at 4819 Santa Cruz Ave., has been sold for $1.75 million. The buyer was Alan Dehghan, who is trustee of The Alan Dehghan Trust. The sellers were Candice Richard Fritschner, special administrator of The Estate of Walter Joseph Fritschner; and Thomas A. Lancaster and Marilyn J. Lancaster, trustees of the Lancaster Family Trust.
The two-story apartment structure is approximately 6,980-square-foot, and consists of 4 two-bedroom, two-bath units; 2 two-bedroom, one-bath units; and 2 one-bedroom units, with the average size of the units 873 square feet. There are balconies for all second-story units, and as the property is three blocks from the ocean, some units have ocean views. The lot includes eight on-site parking spaces. The property is assessor’s parcel 448-262-19.
The acquisition was financed with a loan of $960,000 from BOFI Federal Bank through Fred Ornelas, of Bank of Internet, and was part of the buyer’s 1031 exchange of beach community properties.
In that transaction, the Alan Dehghan Trust sold the eight-unit apartment in Pacific Beach at 1459 Hornblend St., San Diego 92109, for $1.7 million. That two-story, approximately 5,380-square-foot apartment (assessor’s parcel 423-181-09) was constructed in 1972 on a 6,251-square-foot lot. The apartment consists of 11 bedrooms and eight bathrooms. In October 1986, the PB property was sold for $585,000, with financing of $390,000 from California Savings & Loan.NAI San Diego represented Dehghan in the disposition of the PB property in October.
The selling broker was Michael Glickstein, vice president of NAI San Diego Commercial Real Estate. The listing broker was Nicole Van Dobben, of Pacific Southebís International.