CBRE Arranges San Diego-Area Sale
- Dec 06, 2019
CBRE has arranged the sale of Lone Pine Townhome Apartments, an 8-unit community in El Cajon, Calif. Big Horn Investment Properties traded the asset for $2.6 million to a private investor. CBRE’s Erik Anderson and John Newton represented both the seller and the buyer in the transaction.
Located at 431 Van Houten Ave., the property is near Freeway 67, approximately 16 miles from downtown San Diego and 18 miles from the San Diego International Airport. Lone Pine Townhome is situated within a 10-minute walk of Main Street, which is home to several restaurants and cafes, including The Palm Restaurant and Banquet Hall, Starbucks and Subway.
Completed in 1986, the two Spanish-style buildings encompass three-bedroom, townhome-style, 1,283-square-foot apartments. The buyer plans to implement minimal improvements to keep the occupancy rate up and to ensure continued rent growth, according to Anderson.
In November, CBRE brokered the $10.7 million sale of Hollister Creek Village, a 46-unit property in San Diego.
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