Investor Pays $17.8 Million For Amaya Avenue Apartment Complex

A 42-year-old La Mesa apartment building has sold for $17.8 million, according to the San Diego Business Journal.

Los Angeles area investor Yoshiteru Kawase bought the 110-unit Vista Amaya building, at 5810 Amaya Drive. It recently received more than $400,000 in renovations. Nearly 30 units were also revamped.

Vista Amaya Ltd. was the seller of the 5-acre site.

The report also noted that sales of such large apartment properties are down as compared to last year; 14 had sold in the first six months of 2012, but only five have this year, according to a CBRE executive. CBRE represented Vista Amaya in the transaction.