SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of Tribecca on Mollison, a 68 unit Condo-quality complex located at 520 S. Mollison Ave. in El Cajon, a city located in San Diego County.
The building is situated between the intersections of Lexington and S. Mollison Ave to the north and E Washington Ave and S Mollison Ave to the south. The property is a short drive from downtown El Cajon along with access to the City of San Diego with close proximity to the I-8 Freeway.
The property was purchased by The Johnson Trust of Mission Hills for $14,100,000.
The buyer was represented by Dave Savage, Chuck Hoffman, and Anton Burman of ACI, while the seller, Pacific Mollison LP of Mission Valley represented themselves.
The Condo Quality Tribecca Apartments consists of 24 large 728sf 1 Bedroom /1 Bath units, 33 large 858sf 2 Bedroom / 2Bath units, and 11 large 1,015sf 3 Bedroom / 2 Bath units. All of the units have been fully upgraded with custom cabinets, granite counters in the kitchens and baths, air conditioning, walk-in closets, recessed lighting, and tile floors in the kitchen, dining room, and baths. The gourmet open kitchens include a center granite island, tile floors, separate dining area, and a stainless steel appliance package that includes refrigerators, stoves, microwaves, and dishwashers. Tenants at Tribecca enjoy their own private patio or balcony, pool, gym, clubhouse, open space, and gated community.
Tribecca on Mollison situated on a 2.84 acre lot sold for $207,353 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.1 and Capitalization Rate (CAP Rate) of 4.2%. Additionally the purchase price per square foot was $247.63. The average rental rates at time of sale were: 1 Bedroom / 1 Bath $1,170, 2 Bedroom / 2 Bath $1,404, and 3 Bedroom / 2 Bath $1,661. The property was 100% occupied at time of sale.
Established in 1982, Apartment Consultants, Inc. (ACI) is a multifamily brokerage firm that specializes in apartment and investment property transactions. We have maintained a solid performance despite changing economic cycles with an average of more than 140 closed escrows per year – that’s more properties than the number two and number three firms combined.
Learn more about ACI at www.aciapartments.com
For more information about this transaction, contact us today at 619-725-3624 or via email at gregorypeer@aciapartments.com