Just Sold – 94 Unit Apartment Portfolio in El Cajon for $12,000,000

August 5, 2014 – SAN DIEGO — The Peach Avenue Portfolio consisting of 94 apartment units has been sold for $12,000,000. Located at 1019, 1037, 1038, & 1050 Peach Avenue in El Cajon, CA 92021 in East San Diego County.

This 94 unit apartment four building portfolio, constructed in the 1960’s and 70’s, offers tenants on-site parking, communal laundry rooms, and balconies or patios. The Peach Avenue Portfolio consists of one (1) Studio unit, thirty-six (36) 1 Bedroom / 1Bath units, thirty-three (33) 2 Bedroom / 1 Bath units, and twenty-four (24) 2 Bedroom / 2 Bath units. The portfolio sold for $127,660 per unit. The value indicators at time of sale were: Gross Rent Multiplier = 11.0 and CAP Rate = 5.0%. The property was 98% occupied at time of sale.

The seller was Drake Carver Communities and was self-represented. The buyer was The Conrad Prebys Trust and was represented by Dave Savage of ACI Apartments.

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm. Visit us online at: http://www.aciapartments.com