Two apartment properties, totaling 69 units in Chula Vista and El Cajon, have been swapped through a 1031 exchange valued at $8.6 million.
The first, or downleg, property was the 24-unit apartment at 1419 Tobias Drive in Chula Vista 92911
That property (assessor’s parcel 623-300-31) was sold for $3.5 million by Mazin M. Kajjy and Alma A. Chaldez, co-trustees of the Kajjy Family Trust, to SEKADA LLC, with Dariush Razavi as manager, 7979 La Mesa Blvd., La Mesa 91942. The acquisition was financed with a $2.45 million loan provided by Tim Fischer, of First Republic Bank. The buyer was represented by Timothy Swanston and Brian Nelson, of South Coast Commercial. The seller was represented by Seth Watje and Sean Bascom, also of South Coast.
The second property, or upleg, was 45 units at 345-361 N. Mollison and 353-397 Dominguez Way, in El Cajon 92021, for $5.1 million. That property (assessor’s parcels 488-063-19, 21, 22, 25, 27, 30, 32 and 33) was sold to the Kajjy Family Trust by Betty T. Ma, trustee, and Shaohua H. Lu, trustee. OneUnited Bank provided a loan of $3,825,000 through Michael Proto with La Jolla Capital Group. Watje and Bascom of South Coast represented the buyer, and Bascom represented the seller.
source: San Diego Daily Transcript