As published in The San Diego Daily Transcript, August 30, 2007

The two-story, 14-unit apartment in Normal Heights at 4544-4552 Hamilton St., San Diego 92116, has been sold for $2.36 million, cash, or approximately $168,571 per unit.

The buyer was Investment Property Exchange Services Inc., 16845 Von Karman, Suite 225, Irvine 92606, as qualified intermediary for Donald Spanninga and Peggy Spanniga, trustees of the Spanniga Family Trust.

The seller of the property (assessor's parcel s 445-162-26, 27 and 28) was 4544-4552 Hamilton Street LLC, a limited liability company headed by David Maltby.

Matthew Udewitz, Vice President of Multifamily Investments at Coldwell Banker Commercial Almar Real Estate Group, represented the buyer. The sellers were represented by Terry Taylor of ACI Commercial.

Built in 1988, the apartment consists of 14 two-bedroom, two-bathroom units, each with a garage and parking space.

The upstairs units feature vaulted ceilings and fireplaces and the downstairs units feature private patios, four of which have direct garage access.

The property has been in the process of condominium conversion for two years. Its previous owners had purchased the apartments in 2004 for approximately $2,212,000.

The property sold with an approved tentative condo map in hand, Pink Paper from the Department of Real Estate, completed CC&Rs, HOA budget, condominium plan, property condition assessment and a dismissal letter from a lawsuit.

The sale closed at an approximate 3 percent cap rate and 17 GRM based on year end 2006 financials and is projected for a 5 percent cap rate and 13 GRM based on rent increases that will take effect in June of 2007.