by According to a brokerage, an apartment complex located at 310 Linda Way in El Cajon sold for $4.95 million.
According to the broker, Marcus & Millichap, the sale was the third-largest multifamily deal in East San Diego County this year.
The 21-unit Linda Gardens Apartments, which were constructed in 1970, provide private garages, off-street parking, on-site laundry, a swimming pool, and one bedroom and one bathroom.
Upgraded electrical systems and a new roof for the east building are examples of recent capital improvements.
Christopher Zorbas, executive managing director with the Zorbas Huffman Group at Marcus & Millichap’s San Diego Del Mar office, stated that this transaction demonstrates the multifamily market’s continued strength and investor trust in East County.
The sale, a private family trust, was represented by Zorbas and Austin Ray Huffman, senior director of the firm’s San Diego Del Mar office. The buyer, Mendridge LLC, was acquired by Graeme Henderson, director of investments at Marcus & Millichap’s San Diego Del Mar office.
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According to Huffman, El Cajon’s high rental demand, advantageous location close to important employment hubs, and increasing popularity as a cost-effective option in the larger San Diego area are the reasons it keeps drawing attention.
The commercial real estate brokerage company Marcus & Millichap (NYSE: MMI) focuses on investment sales, financing, research, and consulting services.
