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SAN DIEGO-Two San Diego-based private investors have shelled out $2.4 million for the Park Collwood apartment asset located here.

Richard and Lavonda Jones have acquired the two-story multifamily building from Park Collwood Apartments LLC. Built in 1968, the 16,154-sf property stands on a 0.46-acre parcel at 4501 Collwood Blvd. It houses 22 units that have the potential to be converted, as the building does have a recorded condominium plan. In addition, the property features gated entry, nine covered parking spaces and 16 open ones, one laundry room with three washers and three dryers, a roof terrace, a central courtyard and a separate leasing office. Interior amenities include dishwashers, garbage disposals, air-conditioning units and ceiling fans.

The unit mix here consists of 18 one-bedroom apartments, two two-bedroom with one- bath units, and two two-bedroom with two-bath floorplans. Square footage of the units ranges from 640 sf to 1,005 sf with rents varying from $775 to $1,050. The building was around 97% occupied at the time of sale.

Jules Arthur and Chad Bramwell of the San Diego office of Hendricks & Partners brokered the transaction.

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