Northmarq announces $3.44 million sale of garden-style apartments in El Cajon, CA
SAN DIEGO (Feb. 22, 2024) — Northmarq’s San Diego Multifamily Investment Sales team consisting of Erik Anderson, senior vice president, and Benn Vogelsang, senior vice president, has completed the sale of an 8-unit garden-style multifamily property for $3.44 million. The property was built in 1986 and is located at 431 Van Houten Avenue in El Cajon. Northmarq represented both parties in the transaction. All units are three-bedroom, 2.5-bathroom townhomes, averaging 1,283 sq. ft.
“Properties with uncommon unit types/mixes are getting more attention nowadays,” said Anderson. “The buyer was attracted to the rental experience townhome units offer to tenants in addition to the location in El Cajon.”
Situated on Van Houten Ave, the multifamily property is located just off El Cajon’s main street and one block from retail and dining amenities. The City of El Cajon is located in the East County region of San Diego County. Home to approximately 100,000 residents, the city is one of the most affordable submarkets in the region. El Cajon is located within a 20-minute drive of all of San Diego County’s top five employment centers, making it a popular choice for workers in a wide variety of industries who desire rental housing not priced at the region’s high-end of the scale.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
