Marcus & Millichap has successfully closed the sale of Palm Terrace, a 37-unit apartment complex located in El Cajon. The property, built in 1994 and situated at 330 N. 1st St., was sold for $9,350,000.
According to Graeme Henderson, senior investment associate at Marcus & Millichap’s San Diego Del Mar office: “This rare opportunity presented investors with a value-added asset featuring an ideal unit mix of two bedroom/one bath units in the highly competitive market of El Cajon.” He further added that the buyer was attracted by both the size and unit mix of this property as well as its assumable loan.
The marketing efforts for this property were led by Austin Ray Huffman (VP investments) and Christopher J. Zorbas (executive managing director) from Marcus & Millichap’s San Diego Del Mar office on behalf of seller PI Properties NO.24 LLC. The buyer named as “8 Mendridge LLC” was procured by Henderson himself.
This successful transaction marks yet another achievement for Marcus & Millichap in their continuous pursuit to provide exceptional real estate services to their clients.
