Aging El Cajon Apartments Slated for Renovations After $3.5 Million Sale

A 16-unit apartment complex in El Cajon has been sold for $3.52 million, according to a real estate brokerage.

“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, a senior investment associate in Marcus & Millichap’s San Diego Del Mar office.

Henderson represented the buyer, 10 Mendridge LLC. The seller, Rockford Equity LLC, was represented by Allen Chitayat of CBRE.

Located at 181 Ballantyne St., the Rockford Gardens complex includes 12 one-bedroom/one-bath units and four two-bedroom/one-bath units.

Constructed in 1971, the property sits on a half-acre lot. Amenities include gated off-street parking, private yards for select units, on-site laundry facilities and a private interior courtyard.

The new owner plans to improve the dated property over time with interior and exterior renovations.

Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.