San Diego, Calif. August 2, 2022 – Colliers today announced the $34,000,000 sale of The Madison, a 110-unit apartment community in the East San Diego County City of El Cajon at 1360 East Madison Avenue, El Cajon, CA 92021. Built in 1976, approximately 60 percent of the property’s units have undergone renovations, offering easy and significant upside potential.
Colliers’ Peter Scepanovic and Corey McHenry represented both parties in the deal, wherein the buyer, East Madison Avenue, LP, acquired the property from an undisclosed seller.
“The San Diego Multi-Family market continues to perform exceptionally well,” says Colliers’ Peter Scepanovic. “Large suburban apartment properties like The Madison attract strong investor demand.”
The Madison comprises a unit mix of primarily 1BR/1BA and 2BR/1BA offerings, with an abundant 168 on-site parking spaces. Building features and improvements include new plank flooring, stainless steel appliances, upgraded cabinetry and countertops, in-unit washer and dryers, exterior paintwork, and more. Additionally, the property offers a newly upgraded community pool area, resident clubhouse, a new fitness center, and racquetball and tennis courts.
The Madison’s advantageous location along the I-8 Corridor, in one of San Diego’s most diverse and vibrant communities, connects residents to all other major freeways, public transportation, ample amenities, and local attractions such as San Diego Zoo, Balboa Park, and more.
Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.