Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, closed the sale of Rockford Gardens, a 16-unit apartment complex located at 181 Ballantyne Street in El Cajon, California. The asset sold for $3,520,000.
“While we have seen a slowdown in transaction volume over the past year, there is still investor appetite for well-located value add assets like this one.,” said Graeme Henderson, senior investment associate in Marcus & Millichap’s San Diego Del Mar office. Henderson exclusively represented the buyer, 10 Mendridge LLC. The seller, Rockford Equity LLC, was represented by Allen Chitayat of CBRE.
Rockford Gardens is comprised of 12 one-bedroom/one-bath units and four two-bedroom/one-bath units. Constructed in 1971, the property sits on a 0.53-acre lot in the city center of El Cajon. Amenities include gated off-street parking, private yards in select units, on-site laundry facilities, and a private interior courtyard for tenants. The new owner plans to improve the dated property over time through an interior and exterior renovation program.
A suburb of San Diego, El Cajon is a scenic city nestled in a valley and surrounded by mountainous terrain, nicknamed “The Box” for its secluded feel. Located about 17 miles east of Downtown San Diego, El Cajon is an ideal choice for commuters. Residents have easy access to public bus routes, Interstate 8, and Highways 125 and 52. In addition to job opportunities in San Diego, there are so many shopping, dining, and entertainment options as well.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
