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Real Estate/Development

Jul. 28, 2016

Bankers Hill apartment sold for $4 million

Built in 1929, the complex is 11,880 square feet and comprises 18 studios and three 1-bedroom/1-bath apartments. The property is 2 blocks south of Laurel Street and 2 blocks west of Balboa Park.

The 21-unit La Vana Apartments at 2311 Fourth Ave. in Bankers Hill sold for $4,025,000 or $191,667 per unit.

The property was purchased by The Jeff and Staci Rubie Revocable Trust, dated in February 2007, as part of a 1031 exchange. The property's seller was husband and wife Ricardo V. Diesta and Elenita Diesta as joint tenants.

Both the buyer and seller were represented by Chris J. Robinson, a principal at ACRE Investment Real Estate Services.

The acquisition was fa...

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