Two multi-family properties on opposite sides of El Cajon Boulevard have been sold for $4.2 million to a local investment firm, officials said.
John Newton of CBRE represented the seller, a private local investor, in the transaction, known as the 1031 exchange, in which the investor purchased a multifamily 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 at 4059 Louisiane was built in 1987 and includes all two-bedroom units.
The other building, also two-story, at 4539 36th, was built in 1976 and has seven units – six bedrooms and one bedroom three.
“Many private owners in California are considering trading in new markets as the state’s regulatory environment continues to change,” Newton said. “CBRE’s multi-family platform and teams in San Diego and Denver provided market insights to position our client for an out-of-state exchange.”