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3/11/14
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Stanford Descendent Trust purchased Gardena Gardens Apartments in Encinitas for $3 mil. The 1.2-acre property, located at 1141-1195 Gardena Rd, consists of five duplexes, one single-family home and a half-acre vacant lot.
The property was acquired from the Rubalcaba Family Trust as part of a 1031 tax deferred exchange. The property was fully occupied at time of closing.
Gardena Gardens Apartments had been in the Rubalcaba family since 1951 and was originally developed by Rubalcaba’s father, Bernardino, who served under General Patton in the U.S. Army’s 3rd Armored Division during World War II. Following his honorable discharge in 1946, Bernardino Rubalcaba became a general contractor and began saving money to buy land and build a new home for his family to integrate them into the community.
By 1949 Rubalcaba had saved enough to purchase the land at the corner of Gardena and Santa Fe in Encinitas, but the broker did not allow him to present an offer because he was Mexican-American. Rubalcaba contacted the owner, Colonel Ed Fletcher, directly and the Colonel responded, “If you served your country then I believe you have the right to buy land anywhere you want in this country.”
Eric Comer, Jim Neil and Merrick Matricardi brokered the transaction.
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