Stanford Decedents Trust of San Diego has bought the 11-unit Gardena Gardens Apartments in Encinitas for $3 million, according to CBRE Group Inc., which represented the seller.
The 1.2-acre property, at 1141-1195 Gardena Road, was sold by Rubalcaba Family Trust of Escondido. The property was bought as part of a 1031 tax-deferred exchange.
The property, fully occupied at the time of sale, consists of five duplexes, a single-family home and a 0.5-acre vacant lot. The property had been in the Rubalcaba family since 1951, originally developed by Bernardino Rubalcaba, a local general contractor.
The sales transaction was arranged by CBRE multihousing investment property brokers Eric Comer, Jim Neil and Merrick Matricardi.
