FOR IMMEDIATE RELEASE

Date: MARCH 2004

For more information contact: Mike Seiber - (619) 280-2600

31 UNIT APARTMENT BUILDING AT 3200 SIXTH AVENUE
SAN DIEGO, CALIFORNIA SOLD

San Diego, CA 92101 - Salomon Development Company has sold the apartment building located at 3200 Sixth Avenue, San Diego, California 92101 to DMH Sixth Avenue, LLC. The Purchaser is an entity controlled by Del Mar Heritage who intends to convert the 31 unit apartment building into luxury condominiums. The principals of Del Mar Heritage include John Sarkisian, Rudy Medina and Pat Millay.

The 3200 Sixth Avenue Apartments were originally constructed in 1959 and overlook Balboa Park. The sale was for a consideration of $8,550,000, according to Flocke & Avoyer Commercial Real Estate.

Del Mar Heritage is an active investor in San Diego real estate with recent transactions including the acquisition of the property on First Avenue in the Hillcrest area for a 25 unit condominium development. Del Mar Heritage is under construction on a 60 unit condominium project in Sabre Springs called Heritage Villas at Evening Creek and completed in 2002 a 120 unit luxury apartment project in Encinitas named Poinsettia Ridge. Poinsettia Ridge was a joint venture with Cornerstone Communities one of the largest privately held homebuilders in San Diego County. Ure Kretowicz is the owner and CEO of Cornerstone.
The project architect for the rehabilitation of 3200 Sixth Avenue is McGeough/LaFrance, who are experts in historical restoration. Del Mar Heritage intends to refurbish the building to as close to the original design and architecture created by Master Architect Hank Hester. Rudy Medina of Del Mar Heritage said, “I believe the market will be very enthusiastic about the characteristic look of mid-century architecture”. “It is like a classic T-Bird, they just don’t make them like that anymore.” “Projects as exciting as this come along once every ten years. We expect to start selling units this summer and be closed out by the end of the year.”
Financing was provided by City National Bank with Michael Kazemzadeh as Vice President and Jeff Stites as Senior Vice President who were instrumental in facilitating the transaction. Del Mar Heritage has completed transactions with City National Bank in excess of 40 million dollars in the last three years.

Mike Seiber and John Still of Flocke & Avoyer Commercial Real Estate represented the Buyer in this transaction. The Seller represented itself.