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El Cajon Apartments Will Undergo Upgrades After Sale
Marcus & Millichap closed the sale of Rockford Gardens, a 16-unit apartment complex located at 181 Ballantyne St. in El Cajon. The asset sold for $3,520,000.
“While we have seen a slowdown in transaction volume over the past year, there is still investor appetite for well-located value add assets like this one.,” said Graeme Henderson, senior investment associate in Marcus & Millichap’s San Diego Del Mar office. Henderson exclusively represented the buyer, 10 Mendridge LLC. The seller, Rockford Equity LLC, was represented by Allen Chitayat of CBRE.
Rockford Gardens is comprised of 12 one-bedroom/one-bath units and four two-bedroom/one-bath units. Constructed in 1971, the property sits on a 0.53-acre lot in the city center of El Cajon. Amenities include gated off-street parking, private yards in select units, on-site laundry facilities, and a private interior courtyard for tenants. The new owner plans to improve the dated property over time through an interior and exterior renovation program.
- ◦Sale/Acquisition
