8 Mendridge LLC Acquires 37-Unit Multifamily Property In El Cajon For $9.35M

Palm Terrace, a 37-unit apartment property located at 330 North 1st Street in El Cajon, was recently sold for $9.35 million. Built in 1994, this multifamily asset offers an appealing unit mix and significant value-added potential. The property caught the attention of the buyer, 8 Mendridge LLC, due to its favorable characteristics and assumable loan. The transaction was facilitated by the team of Austin Ray Huffman, Christopher Zorbas, and Robert Graeme Henderson from Marcus & Millichap.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $9,350,000
• Units: 37
• Price Per Unit (PPU): $252,703
• Buyer: 8 Mendridge LLC
• Seller: PI Properties NO. 24, LLC
• Brokers: Austin Ray Huffman, Christopher Zorbas & Robert Graeme Henderson - Marcus & Millichap

Graeme Henderson, a representative from Marcus & Millichap's San Diego Del Mar office, played a crucial role in facilitating the sale of Palm Terrace. The property's attractive features, combined with the buyer's interest in the potential for value enhancement, contributed to the successful transaction.