In late 2002 and early 2003, KF Real Estate Holdings acquired three, one bedroom, one bathroom condominium units in separate complexes within our target San Diego markets of City Heights, North Park, and Normal Heights. Due to their small size, we have chosen to view these units collectively as a portfolio. The units ranged in size from 585 to 700 square feet and were located in complexes built in the late 1960’s and early 1970’s. Renovations focused on interior cosmetic updates such as new paint and carpeting and remodeled kitchens and bathrooms and the units were sold upon completion for prices ranging from $126,000 to $193,000.

Condominium Unit Portfolio: San Diego, California

Acquired in December, 2002, 4310 54th Street, #307 was a 700 square foot unit located in a Spanish-style complex known as Villa Madrid that was constructed in 1970. Located two blocks south El Cajon Boulevard, a primary commercial thoroughfare, the complex is situated on the boundary of the City Heights and College neighborhoods of San Diego, California. The property offers easy access to the Colina Del Sol park and Villa View Community Hospital, as well as the San Diego State University campus. After a cosmetic interior update, the unit was sold for $126,000.

4070 Illinois Street, #2, a 585 square foot unit located in an eight unit building known as the The Maple Arms was acquired in January 2003. The complex was built in 1968 and is located midway between the major neighborhood commercial thoroughfares of University Avenue and El Cajon Boulevard in the North Park area of central San Diego, California. The property’s central location provides easy access to downtown, Balboa Park, the shopping and entertainment opportunities of Mission Valley, and Interstates 8, 808, 15 and the 163 Freeway. After a cosmetic update of the interior, the unit was sold for $191,000 in May 2003.

Purchased in June, 2003, 4632 Kansas Street, #8 is a 600 square foot unit located in an eight unit complex built in 1968 and is very similar to 4070 Illinois in terms of size, style, and location. The building is located in the Normal Heights neighborhood between the major commercial thoroughfares of Adams Avenue and El Cajon Boulevard. Upon completion of an interior update, the unit was sold for $193,000.