Fogcutter Apartments in Encinitas sold

Buyer finds bargain near beach

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Brokerage Grubb & Ellis/BRE Commercial this week announced the $6.1 million sale of the Fogcutter Apartments in Encinitas, Calif. The sale price for the 29-unit building, located at 925 N. Vulcan Ave., breaks down to $210,345 per unit. The property was built in 1985 and is located approximately two blocks from Beacons Beach. Fogcutter Apartments consists of 14 one-bedroom units, 11 two-bedroom/one-bath units, four two-bedroom/two-bath units and 22 one-car garages. Philip J. Cleary Trust et al. sold the property, the occupancy level of which was not disclosed, to Erwin & Mertz Investments LP. ...