Local investment firm buys apartment buildings in San Diego for $ 4.2 million
Two multi-family properties located on either side of El Cajon Boulevard were sold for $ 4.2 million to a local investment firm, officials said.
John Newton from CBRE represented the seller, a local private investor, in the transaction, known as the 1031 exchange, in which the investor purchased a multi-family property in Denver.
San Diego based investment firm TGP companies acquired the two apartment buildings, one on Louisiana Street and the other two miles away on 36th Street in Normal Heights.
The two-story, six-unit building located at 4059 Louisiana was constructed in 1987 and includes all two-bedroom units.
The other, also two-story building at 4539 36th, was built in 1976 and contains seven units – six one-bedroom and one three-bedroom.
“Many private homeowners in California are planning to enter new markets as the state’s regulatory environment continues to change,” Newton said. “CBRE’s platform and multi-family teams in San Diego and Denver provided market intelligence to position our client for an out-of-state exchange. “