EL CAJON, CALIF. — Northmarq has brokered the sale of a three-property, 61-unit portfolio in El Cajon, which is 15 miles northeast of San Diego. Northmarq’s investment sales team arranged the sale on behalf of the seller, El Cajon Investor 1 & 2. The portfolio includes: Sunshine Manor, a 19-unit property that was constructed in 1977; Sunshine Villas, a 19-unit, two-story building that was built in 1978; and East Winds, a gated community with 23 units.
Erik Anderson, vice president of investment sales at Northmarq’s San Diego office, arranged the sale and represented the undisclosed buyer. Conor Freeman, Wyatt Campbell and Aaron Beck comprised Northmarq’s debt and equity team, which secured an $8.9 million permanent-fixed loan through First Republic Bank as acquisition financing for the buyer. The loan was structured on a seven-year term, with two years interest-only.