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SAN DIEGO-With apartment sales still steady in the city, a 13-unit complex located here has been picked up by private investors as part of a 1031 Exchange transaction.

Alvin E. and Ruth E. Sunday have shelled out $1.4 million for the property, which stands at 3167 Landis St. Known as Landis Apartments, the complex features spacious units with fireplaces and a large amount of closet space. In addition, the property includes an on-site laundry room.

The new owners have acquired the local asset from RSL Landis LLC, which felt it was time to cash out the property, according to Chad Bramwell of Hendricks & Partners’ local office, who brokered the transaction. “The seller owns multiple apartment buildings throughout San Diego and wanted to take some chips off the table,” Bramwell tells GlobeSt.com.

The Landis complex is the latest in a string of apartment properties to change hands in the metro area, as the city’s multifamily market is still going strong. “It is one of the best apartment markets in the United States, with little vacancy,” says Bramwell, who adds that “rents have seemed to stabilize” here.

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