(EDITOR’S NOTE: According to information from Northmarq, the properties traded for a combined total of $16.17 million, which equates to approximately $273,770 per unit.)
SAN DIEGO, CALIFORNIA — Erik Anderson of Northmarq’s San Diego based investment sales office arranged the sale of a three-property multifamily portfolio containing 61-units in El Cajon, California. Northmarq’s investment sales team brokered the transaction for the California-based seller, El Cajon Investor 1 & 2, LLC.
Northmarq’s debt and equity team of Conor Freeman, Wyatt Campbell and Aaron Beck provided 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 7-year term with 2-years interest only. Anderson represented the buyer in addition.
“This transaction is a testament to the involvement and dedication of all parties on both sides of the transaction working together,” said Anderson. “Getting the deal across the finish line in such turbulent and stagnant times was a huge success for all involved; Northmarq was able to help structure an escrow that met everyone’s needs and deliver superior fixed rate financing in today’s environment.”
Sunshine Manor is located at 948 South Sunshine Avenue in El Cajon, California. The class C property (built in 1977) consists of 19-units and totals 16,660 sq. ft.
Sunshine Villas is located at 966 South Sunshine Avenue in El Cajon, California. Built in 1978, the 19-unit/2-story apartment comprises 15,459 sq. ft. 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 Avenue in El Cajon, California granting easy access to Downtown San Diego and its many attractions. The 23-unit/15,470 sq. ft. 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.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.
