Northmarq arranges $22 million sale of multifamily portfolio in East County, San Diego
The property is the largest non-institutional portfolio sale in El Cajon in 5+ years
SAN DIEGO, CALIFORNIA (November 8, 2021) – Erik Anderson and Kyle Pinkalla of the San Diego Investment Sales team arranged the $22 million sale of the 28-unit Easter Manor Apartments, 23-unit East Winds, 19-unit Sunshine Manor Apartments and 19-unit Sunshine Villas all in El Cajon, California. The four buildings total 89 units and represents the largest non-institutional portfolio sale in El Cajon in more than five years. Anderson and Pinkalla represented both parties in the transaction.
“Purchasing workforce housing in more tertiary submarkets has been a major push for investors as rents have gotten prohibitive to living closer to the CBD,” said Anderson. “The sale allowed the seller to free up a large chunk of built-up equity, while presenting the buyer the opportunity to add four properties of scale to their growing portfolio in East County.”
The property was purchased from Swanson Real Estate Solutions, and the buyer is El Cajon Investor 1 and El Cajon Investor 2.
The San Diego multifamily market remained stable through the first half of 2021, according to Northmarq’s recent report, and the continuing trend is evident in recent closings from the San Diego office. The transaction mix consists of several Class A properties, bumping up the median sales price from the previous period. As the quality of properties being sold has increased and investor demand has intensified, cap rates have compressed, dipping below four percent. San Diego continues to maintain some of the lowest cap rates in the country, reflecting a steady and strong investment market. Read our full San Diego Multifamily Market Report.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
