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11/16/21
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A four-property, 89-unit ($247k/unit) multifamily portfolio in El Cajon traded hands in a $22 mil deal. We’re told the deal marks the largest non-institutional portfolio sale in El Cajon in more than five years.
The transaction included: Easter Manor Apartments (28 units); East Winds (23 units); Sunshine Manor Apartments (19 units); and Sunshine Villas (19 units). Erik Anderson and Kyle Pinkalla with Northmarq represented the buyer, El Cajon Investor 1 and El Cajon Investor 2, and the seller, Swanson Real Estate Solutions, in the transaction.
“Purchasing workforce housing in more tertiary submarkets has been a major push for investors as rents have gotten prohibitive to living closer to the CBD,” said Anderson. “The sale allowed the seller to free up a large chunk of built-up equity, while presenting the buyer the opportunity to add four properties of scale to their growing portfolio in East County”.
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