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4/04/23
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Insight Investment Partners paid $8.12 mil for Easter Manor Apartments, a 28-unit ($290k/unit) multifamily property in El Cajon. Built in 1987, the property is located at 1113 Greenfield Dr.
The two-story walk-up style apartment complex is situated in the Bostonia neighborhood of El Cajon, one of San Diego’s most affordable neighborhoods. The property boasts an extremely strong unit mix consisting of mostly two-bedroom units.
Apartment amenities include all standard kitchen appliances, nine-foot ceilings, and vinyl plank flooring. Community amenities include on-site laundry, a central picnic area, and plentiful parking (43 spaces) for residents. Situated less than a mile from I-8, the property offers great accessibility to all San Diego employment hubs and a 20-minute drive to Mission Valley and Downtown San Diego.
Erik Anderson with Northmarq represented both the seller, a private California investment firm, and the buyer in the deal.
“This transaction was a testament to the value of quality newer vintage real estate coupled with low interest rate debt. The buyer was able to assume years’ worth of sub three percent interest rate debt in a market where volatility is top of mind,” said Anderson, “The buyer owns multiple properties in the area and will be improving the property condition and enjoying the robust rent growth and air-tight vacancy of El Cajon long-term.”
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