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3/02/23
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A three-property, 61-unit multifamily portfolio in El Cajon traded for $16.17 mil ($265k/unit). The sale consisted of the following properties:
• Sunshine Manor - located at 948 South Sunshine Ave, the Class C property (built in 1977) consists of 19-units and totals 16.7k sf
• Sunshine Villas - located at 966 South Sunshine Ave, the 19-unit property was built in 1978. The two-story apartment building contains 15.5k sf of space. Community features include private balcony/patio, on-site management, on-site laundry facilities, outdoor pool, and off-street parking
• East Winds is located at 1018 East Lexington Ave, providing easy access to Downtown San Diego and its many attractions. The 23-unit/15.5k sf gated property is situated in an active and walkable neighborhood of El Cajon. Amenities include a private balcony/patio, walk-in closets, high speed internet, grill, picnic area, courtyard, on-site laundry facilities, on-site maintenance, and door-to-door trash pickup
Erik Anderson of Northmarq represented the buyer and the California-based seller, El Cajon Investor 1 & 2 LLC. Conor Freeman, Wyatt Campbell and Aaron Beck, also with Northmarq, arranged acquisition financing for the undisclosed buyer through First Republic Bank, securing an $8.88 million permanent-fixed loan. The bank execution was structured on a seven-year term with two years interest-only.
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