Marcus & Millichap Inc.
06/28/2022 | Press release | Distributed by Public on 06/28/2022 11:52
Marcus & Millichap Arranges the Sales of The Villas at Ballantyne, a 40-Unit Apartment Building in El Cajon, California
Press Releases
Marcus & Millichap Arranges the Sales of The Villas at Ballantyne, a 40-Unit Apartment Building in El Cajon, California
June 28, 2022
EL CAJON, Cali, June 28, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Villas at Ballantyne, a 40-unit apartment property located in El Cajon, California. The asset sold for $10,470,000.
Austin Ray Huffman, Senior Partner and Christopher J. Zorbas, Executive Managing Director of Investments, with Zorbas | Huffman | & Partners in Marcus & Millichap's San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller Ballantyne Villas LLC. The buyer, Insight Investment Partners, was also secured and represented by Huffman and Zorbas.
According to Huffman, "The new owner plans on putting approximately $2 million in capital improvements to elevate the asset to one of El Cajon's most desirable rental addresses. The property will feature exquisitely renovated interiors, enhanced exterior ground and common areas, updated building systems, and new branding. The community is directly adjacent to the El Cajon Civic Center and features walkable access to numerous retail, dining and cultural amenities."
The Villas at Ballantyne is located in the heart of El Cajon at 294 Ballantyne Street. The property is comprised of twenty-two (22) one-bedroom/one-bathroom and eighteen (18) two-bedroom/one-bathroom units. Almost every unit has been upgraded over the past 8 years with new cabinets, floorings, fixtures, and counter tops.
Austin Ray Huffman, Senior Partner and Christopher J. Zorbas, Executive Managing Director of Investments, with Zorbas | Huffman | & Partners in Marcus & Millichap's San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller Ballantyne Villas LLC. The buyer, Insight Investment Partners, was also secured and represented by Huffman and Zorbas.
According to Huffman, "The new owner plans on putting approximately $2 million in capital improvements to elevate the asset to one of El Cajon's most desirable rental addresses. The property will feature exquisitely renovated interiors, enhanced exterior ground and common areas, updated building systems, and new branding. The community is directly adjacent to the El Cajon Civic Center and features walkable access to numerous retail, dining and cultural amenities."
The Villas at Ballantyne is located in the heart of El Cajon at 294 Ballantyne Street. The property is comprised of twenty-two (22) one-bedroom/one-bathroom and eighteen (18) two-bedroom/one-bathroom units. Almost every unit has been upgraded over the past 8 years with new cabinets, floorings, fixtures, and counter tops.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.