Colony Court on Shady Lane in El Cajon. Photo credit: Courtesy, Marcus & Millichap
A 92-unit apartment complex in El Cajon has been sold for $24.8 million, according to a commercial real estate brokerage.
Colony Court, on Shady Lane, has 28 one-bedroom units, 44 two bedrooms and 20 three bedrooms.
Austin Ray Huffman, senior partner, and Christopher J. Zorbas, executive managing director of Zorbas, Huffman & Partners, both in Marcus & Millichap’s San Diego Del Mar office, represented the seller, the Mary Susan Curry 2020 Revocable Living Trust.
The buyer, IEC Partners, LLC, an affiliate of Interstate Equities Corporation, also was represented by Huffman and Zorbas.
Common-area amenities include a pool and sundeck, landscaping, multiple courtyards, picnic areas with barbecues, onsite laundry and ample off-street parking for tenants.
The buyer intends on making “strategic enhancements” to the community, according to Marcus & Millichap (NYSE: MMI).
The brokerage firm specializes in investment sales, financing, research and advisory services.