Value-Add Rentals Go for $13M in El Cajon
Marcus & Millichap closed the sale of 229 Shady Ln., a circa-1969, 59-unit multifamily property located in El Cajon. The asset sold for $13.25 million, or $224,576 per unit.
“Value-add apartment communities in East County San Diego continue to attract investor interest because of strong renter demand, limited housing supply and opportunities to improve operations over time,” said Austin Huffman, senior director investments. “Villa Capri offered an attractive combination of spacious floor plans, upgraded property systems and meaningful rental upside, making it a compelling acquisition for an investor seeking long-term value.”
Huffman and Christopher Zorbas, investment specialists in Marcus & Millichap’s San Diego office, represented the seller, Mary Susan Curry 2020 Revocable Living Trust, and procured the buyer, TFT Capital I.
The property is located near Interstate 8, the El Cajon Transit Center and major employment centers throughout San Diego County. The buyer plans to renovate the property to enhance its long-term value.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout