As published in The San Diego Daily Transcript, April 19, 2007

The Viking, a 16-unit apartment complex in Pacific Beach at 1156 Hornblend St., San Diego 92109, has been sold for $2.65 million in cash. The buyer was YDNL LLC, a California limited liability company, 939 Coast Blvd., Suite 15D, La Jolla 92037. The seller of the property (assessor's parcel 423-054-11) was Janet M. Perez, successor trustee for the Wesley A. Bergstedt Trust.

Rita Lancaster-Hannah of Coldwell Banker Commercial Almar Group, along with Melroy Investments Inc., represented the buyer. The seller was represented by Joe Jeffrey of Windermere.

The Viking is a fully occupied, two-story Class-B complex built in 1965 three blocks from the ocean. The previous owner had made virtually no rent increases over a number of years, and the rents were low compared with rents in this market.

"With a very low vacancy rate of 4 percent, most current new construction of apartment units in San Diego is Class-A product," Lancaster-Hannah said. "There is a demand for B and C product right now. The buyer of The Viking plans to refurbish the property, improving both the interiors and the exterior."