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SAN DIEGO-Locally based private investors have acquired the 32-unit San Diego apartment complex known as Grand Palms.

The buyers, John and Helen Karnazes, have shelled out nearly $3.5 million to San Diego-based M-H Financial for the asset. Steve Huffman and Jules Arthur of the San Diego office of Hendricks & Partners negotiated the transaction.

Located at 2275 Grand Ave., the Grand Palms complex dates back to 1961. It was recently renovated with upgrades including repainting, landscaping improvements, installation of new appliances and replacement of floor covering. Amenities here include a swimming pool, 16 open parking spaces and a laundry room with vending machines. The two-story property contains three studios, 25 one-bedroom, one-bath units and four two-bedroom, one-bath apartments.

The Grand Palms complex is the latest in a string of multifamily transactions to close in San Diego County in recent weeks. Although a recent report by Marcus & Millichap Real Estate Investment Brokerage Co. says the median price per unit dropped 1.55% in the first quarter of 2003, it has spiked 23.22% to $95,500 over the past 12 months. Investors continue to clamor over San Diego multifamily product, as the region boasts an overall apartment vacancy level of 3.9% and an average rental rate of $1,081.

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