San Diego – CBRE has announced the sale of the Lone Pine Townhome Apartments complex in El Cajon, San Diego, for $2.6 million to an undisclosed private buyer.
San Diego multifamily experts Erik Anderson and John Newton represented the seller, San Diego-based Big Horn Investment Properties, in the transaction.
Located at 431 Van Houten Avenue, the property was originally built in 1986 and is comprised of two Spanish-style buildings with a total of eight units. Amenities include private yards and gated off-street parking. The eight 1,283 square-foot townhome-style apartments feature a three-bedroom, two-and-a-half-bathroom layout.
The property sits three blocks from Main Street, one of East County San Diego’s primary east-west thoroughfares that features many popular dining and retail options. The community is also within one mile of both I-8 and SR 67, two freeways that connect El Cajon to the rest of San Diego County.
“The buyer was attracted to this property due to its unique construction and unit mix, as well as the superior living experience it offers,” said Anderson. “The new owner will look to make minimal improvements in the near future and enjoy continued steady occupancy and rent growth from the asset, which is a great addition to their current portfolio in the area.”
The CBRE team also represented the undisclosed buyer in the transaction.
East County San Diego and El Cajon have been the submarkets with the highest rent growth and lowest vacancy in the region this year, according to CBRE research. The area offers an alternative to San Diego’s more expensive central business district hubs, providing workforce housing – a popular multifamily investment segment -- in a convenient and accessible location.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
