El Cajon continues its upward trajectory with the recent sale of Parkway Club, a 277-unit multifamily property in San Diego, for $86.65 million to Utah-based Bridge Investment Group. The property was 99 percent leased at the time of sale.
Ed Rosen, John Chu and Tyler Sinks of Berkadia San Diego led the transaction on behalf of the seller, San Diego-based R & V Management.
“Due to the increase in rents and the tremendous upside in value-add opportunity, the pricing of this transaction represents the strength and confidence in the El Cajon market,” said Rosen.
Parkway Club Apartments was built in 1987 and features 277 one-, two- and three-bedroom floorplans, some of the largest apartment units in the submarket, and is one of the few in the area with central HVAC. Community amenities include two pools with sundecks and spas, eight laundry facilities, 10 gas barbecues and a fitness center. Parkway Club is near schools, the Parkway Plaza shopping mall, grocery stores, the Arnele Avenue Trolley Station and Interstate 8.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.