UCV LP has sold University City Village Apartments in San Diego, California for $58,400,000, with the deal closing at a mid-five percent cap rate. Gordon L. Gerson is an independent director of UCVNV, Inc., general partner of UCV LP.

The sale of UCV LP's sole asset followed numerous offers from national and regional investors, including REITs, insurance companies and opportunity funds.

The sale of the 542-unit seniors apartment complex was arranged by Sonnenblick-Eichner Co., a Los Angeles based real estate investment banking firm. As reported on Globestreet.com, on April 15, 2003, "…the property was competitively bid because of its excellent location, stable history of occupancy, redevelopment, and expansion entitlements…(which) will allow for the property to be redeveloped and expanded into a 1,109 unit complex with an 80-unit assisted living facility."

University City Village Apartments is located in the Golden Triangle area of San Diego, and currently consists of eighty-nine one-story building located on a seventy-five acre parcel. Amenities include recreation facilities, a swimming pool, and a public golf course. Property occupancy level has been 97% or higher in recent years, with a waiting list for new occupants.

GERSON LAW FIRM APC has an excellent reputation in all aspects of real estate, including transactions and litigation. The Firm is able to identify special issues relating to independent directors.

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