Just Sold – 32 Units in El Cajon for $7,000,000

San Diego, 8/3/2021

ACI Apartments is pleased to announce the recent sale of The Palm Gardens Apartments, a 32-unit apartment complex located in El Cajon, CA. The 26,768 square foot property, located at 791 N. Mollison Ave., was purchased by GLC Legacy Trust for $7,000,000.

Dave Savage of ACI Apartments represented both CGI3 LP, Seller and GLC Legacy Trust, Buyer.

The Palm Gardens Apartments, constructed in 1967, consist of 16 large 600sf 1 Bedroom /1 Bath units and 8 large 800sf 2 Bedroom / 2Bath units, and 8 large 940sf 3 Bedroom / 2 Bath units. Tenants at Palm Gardens enjoy the community pool, gated entrance, community laundry room, and on-site parking.

The Palm Garden Apartments, situated on a .95 acre lot, sold for $218,750 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 13.9 and Capitalization Rate (CAP Rate) of 4.5%. Additionally, the purchase price per square foot was $261.51. The average rental rates at time of sale were:  1 Bedroom / 1 Bath $1,054, 2 Bedroom / 2 Bath units averaged $1,353, and the 3 Bedroom / 2 Bath units averaged $1,531. The property was 100% occupied at time of sale.

About ACI Apartments INC.

Since 1982, ACI Apartments has been a leader in San Diego apartment investment. With over 148 years of combined leadership experience between its senior staff, ACI has helped countless clients reach their investing goals through billions in transaction revenue. Dave Savage has extensive East County experience having closed over 70 transactions there throughout his career. Please visit us online for more information at www.aciapartments.com