R&V Management Corp. Acquires 143 Condo Units in La Mesa

By Gabriel Circiog, Associate Editor San Diego-based R&V Management Corp. has acquired 143 condominium units at Adagio in La Mesa. The $25.5 million deal was brokered by Phoenix-based Hendricks & Partners. The Adagio community was designed and developed as a 200-unit condo project back in 1984 and later was operated as an apartment community until [...]

San Diego-based R&V Management Corp. has acquired 143 condominium units at Adagio in La Mesa. The $25.5 million deal was brokered by Phoenix-based Hendricks & Partners. The Adagio community was designed and developed as a 200-unit condo project back in 1984 and later was operated as an apartment community until 2005. Located at 5427 Lake Murray Boulevard, the community offers one- and two-bedroom floor plans. The gated community offers various amenities including a children’s play area, a picnic area with barbecues, state of the art fitness center, on-call/on-site maintenance and easy access to public transportation and major freeways.

Rents at Adagio Apartments currently range from $1,150 for one-bedroom units to $1,520 for two-bedroom apartments.

In other local news, San Diego Business Journal reports that Washington, D.C.-based Capitol Seniors Housing has purchased the assisted-living care community Garden Park Villas. Located in Escondido at 1342 North Escondido Boulevard, the 89-unit property was sold by Escondido Assisted Living LLC for $9.5 million. The facility was acquired with debt financing from the U.S. Department of Housing and Urban Development, with 40-year amortization at 3.47 percent interest.

Capitol Seniors Housing plans to invest in upgrading the property and changing the unit mix to 42 memory care and 47 assisted-living units. Current amenities include three community dining rooms, a game room, a spa room, a bistro, terrace and elevator access to all areas.

The facility will continue to be operated by local based Integral Senior Living.