PK Management LLC of Villa Park has purchased the 70-unit San Marcos Manor Apartments in San Marcos for $9.47 million, according to CoStar Group and public data.
The seller of the property, at 285 W. San Marcos Blvd., was Summit Realty Advisors of Encinitas. William Anderson of brokerage firm ACRE Investment Real estate represented the buyer and seller.
The apartments were built on 2.78 acres in 1984 and were fully leased at the time of the transaction.
According to a statement from ACRE, the acquisition was part of the buyer’s 1031 exchange, with $6.5 million financed by JPMorgan Chase.