The nine-unit apartment complex at 393 Shady Lane in El Cajon 92021 has been sold for $943,500 or $104,833 per unit.
The buyers were Michael Lowell McDowell and Ruth Marie McDowell, co-trustees of the Michael & Ruth McDowell Living Trust (85 percent) and Gregory Alan Nay and Coleen Marie Nay (15 percent), 5481 Soledad Road, La Jolla 92037.
The acquisition was financed with a loan of $685,000 from JPMorgan Chase Bank.
The seller of the property (assessor's parcel 489-162-07) was Karen K. Tan, trustee of the Karen K. Tan Trust.
The seller was represented by Matthew A. Brothers, senior director of ACRE Investment Real Estate Services.
The buyers were represented by Jeff Marsh of San Diego Realty Services. Escrow services were provided by Annemarie LoCoco, of Chicago Title's Park Camino Branch. Cameron Aldrich, also of Chicago Title, provided title insurance.
Constructed in 1977, the property offers seven one-bedroom units and a pair of two bedroom/two bath units totaling approximately 7,250 square feet of residential living space.
The apartment occupies an approximately 18,300-square-foot lot.
The property sold at a current cap rate of 5.33 percent and a GRM of 10.3.
The nine-unit apartment complex at 393 Shady Lane in El Cajon 92021 has been sold for $943,500 or $104,833 per unit. Courtesy photo