A 30-unit block of condos within the Villa Bonita Condominium complex has been sold to Renovation & Restoration LLC, which paid more than $4.52 million, CB Richard Ellis said Aug. 11.

Originally built as a condominium complex in 1982, the 176-unit complex in Bonita was upgraded in 2005 with new cabinets, granite countertops, flooring, air conditioning, windows and sliders, light features, stoves, microwaves, electric wall heaters, doors and bathtub enclosures.

The property also includes a swimming pool and spa, tennis court, fitness center and picnic and barbeque areas.

CB Richard Ellis represented the seller, Hammer IRP Bonita LLC, which is a joint venture between Hammer Development LLC and ING Realty Partners. Robert Klaus of RBK Commercial represented the buyer.

In other news, the San Diego real estate firm Davlyn Investments has sold the 112-unit Arbor Village apartment complex in the 4900 block of Logan Avenue in San Diego for $13.7 million or $157 per square foot, the seller reported Aug. 11.

The buyer is Linc Housing Corp., an affordable housing corporation based in Long Beach.

“After holding the property for over 10 years, the time had come for us to redeploy the significant equity locked up in this asset,” said Davlyn President Paul Kerr. “Our intent is to take advantage of the current capital gains rate, pay the taxes and wait for the right apartment or office building to come along.”

Davlyn Investments Inc. owns and operates apartment communities and office buildings throughout California. Principals Jon Williams and Paul Kerr have acquired commercial real estate holdings totaling in excess of $670 million, the company says.

Brokerage services for both buyer and seller were provided by Steve Huffman and Dick Bassett of Hendricks & Partners.

— Ned Randolph