Third Times A Charm
Author: Diana Heeb Bivona
For the third time in nine years, the garden-style apartment complex, Desert Pines, located at 3700 East Bonanza Rd., has changed owners. A joint venture of PMHE Real Estate LLC of Marina Del Rey, CA and Paragon Management Co. LLC of La Jolla, CA, paid $33 million for the property. At the time of sale, Desert Pines was 95% leased.
The sellers, a joint venture of GE Commercial Finance Real Estate and Greystar Real Estate Partners LLC, paid approximately $20 million in mid-2005 when they acquired it. The new owners are said to be traditional apartment owners, not condo converters.