Photo courtesy of CoStar Group

Photo courtesy of CoStar Group

Lomas Santa Fe Group of Solana Beach has purchased the 54-unit Magnolia Terrace Apartments in Lakeside for approximately $4.9 million, according to real estate services firm The Heritage Group, which represented the buyer.

The seller of the property, at 9760 Marilla Drive, was Magnolia Terrace Apartment Homes LP of San Diego. The acquisition was a 1031 exchange transaction, and the buyer plans significant improvements to the interior and exterior of the property.

Heritage Group Managing Partner Rocco Cortese handled the transaction on behalf of the buyer.

According to CoStar Group, the selling entity includes WLA Investments Inc. of Newport Beach. The seller was represented by Darcy Miramontes, Diane Miramontes and Kip Malo of real estate services company JLL.

The property was built on 1.2 acres in 1974.