Just Sold – 68 Units in El Cajon for $16,000,000

June 15th, 2020

ACI Apartments is pleased to announce the recent sale of The Tribecca Apartments, a 68-unit complex located in the El Cajon area of San Diego. The 56,951 square foot property, located at 520 S. Mollison El Cajon, CA 92020 was purchased by GLC Legacy Trust for $16,000,000.

Dave Savage of ACI Apartments represented the seller, The Johnson Trust.  The Buyer was GLC Legacy Trust and was also represented by Dave Savage of ACI.  The property was in escrow for 3 months.

The Tribecca Apartments consists of 24 – 1 Bedroom /1 Bath units, 33 – 2 Bedroom / 2 Bath units and 11 – 3 Bedroom / 2 Bath units.  Tribecca is located just minutes from downtown San Diego and Balboa Park. All 68 of the units have substantially upgraded kitchens, baths, appliances, paint, and flooring. 56 of the units have in-unit washers & dryers.  This property has the opportunity for increased rents.

The Tribecca Apartments are located on a 2.84 acre lot in the City of El Cajon and sold for $239,706 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 12.6 and Capitalization Rate (CAP Rate) of 5.0%.  Additionally, the purchase price per square foot was $286.21.  The rental rates for the 1 Bedroom / 1 Bath units at time of sale averaged $1,320 per unit per month.  The rental rates for the 2 Bedroom / 2 Bath units at time of sale averaged $1,546 per unit per month.   The rental rates for the 3 Bedroom / 2 Bath units at time of sale averaged $1,820 per unit per month. The property was 100% occupied at time of sale.  The property enjoys a gated entrance, pool, Gym, Clubhouse, BBQ and picnic area, gated ample on-site parking, and a spacious laundry room.

About ACI Apartments INC.

ACI is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county – that’s more properties than the number two and number three firms combined.  Please visit us online at www.aciapartments.com