A 37-unit apartment building in El Cajon has been sold for $9.35 million, a real estate brokerage announced.
“The size and unit mix of the asset intrigued the buyer in addition to an attractive assumable loan,” said Graeme Henderson, senior investment associate in Marcus & Millichap’s San Diego Del Mar office.
Austin Ray Huffman, vice president investments, and Christopher J. Zorbas, executive managing director of firm’s San Diego Del Mar office, represented the seller, PI Properties NO. 24, LLC. The buyer, 8 Mendridge LLC., was procured by Henderson.
Palm Terrace is located at 330 N. 1st St. Built in 1994, the property includes two-bedroom, one-bath units, a laundry room, swimming pool, interior courtyard, barbecue area and ample off-street parking for residents.
The building has seen minor upgrades over the past few years, but the buyer plans to invest additional capital into the asset.
Marcus & Millichap (NYSE: MMI) is a commercial real estate firm specializing in investment sales, financing, research and advisory services.
