North County Units Finally Sell

SAN DIEGO-After two years of failed escrows, 140-unit apartment complex in Vista sells for $8.1 million.

By Randyl J. Drummer | Updated on September 21, 2000

SAN DIEGO-It took more than two years and four broken escrows, but the Westcreek Apartments in the suburb of Vista have finally sold for $8.1 million.

The buyer of the 140-unit property is North County Home Furnishing CenterLP, with Gleiberman Investments LAC as general partner and MarkGleiberman as president. The buyer was represented by Gleiberman.

Thesellers, Mike and Jen Hsin Booth—among six others—were represented byWill Creagan of the San Diego office of Business Real Estate BrokerageCo. The property at 300 W. Los Angeles St. was built in 1975 and was one ofthe bestrenovation/reposition candidates in San Diego County during the lastfive years, with rentswell below market rates.

“With eight sellers, low rents, two and one-half years of marketing andfour escrows,this was the commercial brokerage version of ‘Survivor’ for me,” saysCreagan.”Let’s just say I’m happy it’s over.”

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