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Marcus & Millichap closes $13.25M sale of 59-unit El Cajon multifamily
The 59-unit, circa-1969 property sold for $224,576 per unit, and the buyer plans renovations to pursue rental upside.
Marcus & Millichap has closed the sale of 229 Shady Ln., a circa-1969 59-unit multifamily property in El Cajon, according to ConnectCRE.
The asset traded for $13.25 million, or $224,576 per unit, with the transaction highlighting ongoing interest in value-add apartment communities in East County San Diego.
ConnectCRE reports that Austin Huffman, Marcus & Millichap senior director investments, linked the appeal to strong renter demand, limited housing supply, and opportunities to improve operations over time.
Huffman and Christopher Zorbas represented the seller, Mary Susan Curry 2020 Revocable Living Trust, and procured the buyer, TFT Capital I, with the property located near Interstate 8 and the El Cajon Transit Center. The buyer plans to renovate the property to enhance its long-term value.