Northmarq’s San Diego office brokers $8.12 million sale of Easter Manor Apartments
SAN DIEGO, CALIFORNIA (March 28, 2023) — Erik Anderson, vice president of Northmarq’s San Diego office, arranged the $8.12 million sale of Easter Manor Apartments. The 28-unit multifamily property was built in 1987 and is located at 1113 Greenfield Drive in El Cajon, California. Northmarq represented both the seller, a private California investment firm, and the buyer, Insight Investment Partners. This sale marks Anderson’s 11th building sale in El Cajon in the past 18 months.
“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.”
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, and 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. Less than a mile from Interstate 8, the property offers great accessibility to all San Diego employment hubs and a 20-minute drive to Mission Valley and Downtown San Diego.
For more information on the San Diego market, view Northmarq’s San Diego Q4 Market Insights.
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