SAN DIEGO – October 8, 2021 – Berkadia announced today the sale of Parkway Club, a 277-unit multifamily property in San Diego, California. Managing Directors Ed Rosen and John Chu and Director Tyler Sinks of Berkadia San Diego led the transaction on behalf of the seller, San Diego-based R & V Management.
Parkway Club sold for $86.65 million ($312,815 per unit) to Utah-based Bridge Investment Group. The property was 99 percent leased at the time of sale. [The address of the property is 1237 Graves Ave., San Diego, CA 92021]
“Due to the increase in rents and the tremendous upside in value-add opportunity, the pricing of this transaction represents the strength and confidence in the El Cajon market,” said Rosen.
Parkway Club Apartments was built in 1987 and features 277 spacious one-, two-, and three-bedroom floor plans, some of the largest apartment units in the submarket. Each home comes with a well-equipped kitchen and select units offer a private balcony or patio and extra storage. The property has been meticulously maintained throughout the years and is one of the few in the area with central HVAC. Community amenities include two pools with sundecks and spas, eight laundry facilities, ten gas barbecues and a fitness center with cardio equipment. Parkway Club is ideally located within proximity to schools, the Parkway Plaza shopping mall, grocery stores, the Arnele Avenue Trolley Station and Interstate 8.
