An eight-unit apartment complex at 2669 Magnolia Ave. in Pacific Beach sold in April to Grant Slawson and Victoria McCaffery for $800,000. The previous owner was Jim McCoy. “It worked out well for both buyer and seller,” said Coldwell Banker Commercial real estate agent Anni Grimes, who represented both parties. “The buyers got what they wanted and the seller got what he wanted.” The property closed on April 22. Grimes said that McCoy, in his 90s, decided to sell the property because he was not able to manage it anymore. “It was a really good deal for the buyer. The seller made the transaction very easy. It was pretty easy for the seller and that’s what they were looking for,” Grimes said. “He came in and closed it before he said it was going to close.” The complex was on the market between two to three months, and was originally listed at $1.25 million before multiple price reductions brought it down more than $400,000. Grimes said there were two other offers at the $800,000 price, but those buyers walked away. Grimes said she does not consider this seemingly low price for an apartment complex in Pacific Beach an indicator of a weak real estate market. She said it was the property’s location that affected the price. “If this property were closer to the beach and the units were larger, I would absolutely say, ‘Wow. The market has plummeted,’ But that’s not the case,” Grimes said. “This is closer to where the Ford dealership is, closer to the freeway. That little pocket area is not very desirable, it’s probably the least desirable area in Pacific Beach next to Del Rey.” “If I was to compare this to three years ago, yes, the market has come down since then. We probably could have sold this for maybe $30,000 more per unit.” The transaction was done completely in cash. Grimes said Slawson and McCaffery purchased the property as a long-term hold and said that it will remain an apartment complex into the foreseeable future.