Two multi-family properties on opposite sides of El Cajon Boulevard have been sold for $4.2 million to a local investment firm, officials said.
John Newton of CBRE represented the seller, a private local investor, in the transaction, known as a 1031 exchange, in which the investor purchased a multi-family property in Denver.
San Diego-based investment firm TGP Ventures acquired both apartment buildings, one on Louisiana Street and the other two miles away on 36th Street in Normal Heights.
The two-story, six-unit building at 4059 Louisiana was built in 1987, and includes all two-bedroom units.
The other building, also two stories, at 4539 36th, was built in 1976 and holds seven units – six one bedrooms and one three bedroom.
“Many private owners in California are considering trading into new markets as the regulatory environment in the state continues to change,” Newton said. “CBRE’s platform and multi-family teams in both San Diego and Denver delivered market intelligence to position our client for an exchange out of state.”