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5/11/15
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Southwinds Apartments, a 22-unit, 18k sf multifamily property in El Cajon sold for $3.74 mil ($170k/unit). The property is located at 909 Sunshine Ave, south of I-8 and east of Hwy 125.
Southwinds Apartments is a two-building, two-story property located on a 45.5k sf parcel. The 100% occupied complex features all two-bedroom/one-bathroom units with balconies or large enclosed patios/yards. The property was originally built in 1977 and has undergone substantial interior, exterior, and landscaping renovations over the last two years.
Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group represented the seller, an affiliate entity of Trion Properties. Dave Plunter of DP Properties repped the buyer, the Johnson Family Trust.
“Rents continue to be strong and current financing rates remain subdued, which is helping to create strong values. We see steady investor demand for highly renovated properties,” said Scepanovic.
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