Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Terre at Ballantyne, a 60-unit apartment property in El Cajon, California.
“One of the most populated areas in the San Diego MSA, El Cajon has the largest concentration of apartment inventory in the county,” said Chris Zorbas, IPA executive managing director. “El Cajon’s compact renter base and the increased demand for large units and green space help keep vacancy low.” Zorbas and IPA’s Alexander Garcia, Jr., and Kyle Pinkalla represented the seller and procured the buyer. “At the time of the sale, the property was 97% occupied with 40% of the units renovated,” said Garcia.
Terre at Ballantyne is less than one mile from Downtown El Cajon and Parkway Plaza, a 160-store indoor mall. The Grossmont Center outdoor shopping mall and Sharp Grossmont Hospital are nearby. Downtown San Diego is within a short drive.
The property is a 10-building, two-story asset with two swimming pools and two laundry facilities. Apartments have air conditioning and heating, large closets, and select units have a private patio or balcony.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
