El Cajon Apartment Community Sells for $12MFriday, March 29, 2013
Tarzana-based Mollison 150 Enterprises LP has purchased the 150-unit Bella Vista Apartments in El Cajon for $12 million.
The community was built in 1964, at 545 N. Mollison Ave., and is subject to low-income housing tax credit restrictions due to expire in 2028, according to a statement from brokerage firm Hendricks-Berkadia, which represented the buyer and seller.
The seller was Madison/Mollison LP of Carmel, Ind., with Pedcor Housing Corp. as its general partner. The buyer partnership, which includes CARE Housing Services Corp. of Tarzana, plans moderate renovations of the property.
-- SDBJ Staff Report