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Marcus & Millichap Closes El Cajon Multifamily Sale
Marcus & Millichap finalized the sale of Palm Terrace, a 37-unit apartment property located in El Cajon. Built in 1994 and located at 330 N. 1st St., the asset sold for $9,350,000.
“This property presented investors with the rare opportunity to acquire a value-added asset featuring a great unit mix of all two bedroom/one bath units in a high barrier to entry market, El Cajon,” said Graeme Henderson, senior investment associate in Marcus & Millichap’s San Diego Del Mar office. “The size and unit mix of the asset intrigued the buyer in addition to an attractive assumable loan.”
Austin Ray Huffman, VP investments, and Christopher J. Zorbas, executive managing director in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of the seller, PI Properties NO. 24, LLC. The buyer, 8 Mendridge LLC., was procured by Henderson.
- ◦Sale/Acquisition




