Colliers Brokers $19M East San Diego Buy
- Nov 09, 2020
Colliers has arranged the sale of Villa Grande Apartments, a 110-unit community in El Cajon, Calif. According to public records, Clear Sky Capital purchased the asset for $19 million from a private owner.
Senior Vice Presidents Peter Scepanovic and Corey McHenry of Colliers International’s Multi-Family Advisory Team facilitated the transaction on behalf of the buyer, while Coldwell Banker Commercial represented the seller. Bridge Investment Group provided acquisition financing.
The 64,900-square-foot, nine-building community is on a 4.6-acre site at 1360 E. Madison Ave. Constructed in 1976, the property comprises 57 one-bedroom and 53 two-bedroom apartments, according to Yardi Matrix. Common-area amenities include a clubhouse, fitness center, tennis court, spa and swimming pool.
Villa Grande Apartments is less than 1 mile from Interstate 8, 17 miles east of central San Diego. The property is next to the North Second Street retail corridor and is connected to the wider metro via local bus routes that provide access to the El Cajon Transit Center, 3 miles to the west.
Earlier this year, Scepanovic and McHenry brokered the $34.7 million sale of another San Diego-area community. Clear Sky Capital was the seller of the 137-unit property.