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LLC Shells Out $12.3M for El Cajon Complex

SAN DIEGO-CC-Sunterra LLC acquires the 120-unit Posada del Valle apartment asset from Emerald I LLC. The new owner plans to convert the property into a for-sale condominium project.

By Erin Cassin | Updated on April 27, 2003

SAN DIEGO-The 120-unit Posada del Valle apartment complex in El Cajon has changed hands in a transaction valued at $12.3 million.

The buyer, Sunterra LLC, plans to convert the garden-style property into a for-sale condominium project. Constructed in 1973, the complex is comprised of eight one-bedroom, one-bath units encompassing 675 sf each; 31 two-bedroom, one-bath floorplans totaling 975 sf each; 67 two-bedroom, two-bath apartments ranging from 980 sf to 1,000 sf; and 14 three-bedroom, two-bath designs of between 1,000 sf and 1,200 sf. At the time of escrow, the complex was 100% leased. During the four months the deal took to close, occupancy has dropped to 75%. Amenities here include a Jacuzzi, playground, basketball court, lighted tennis court, two swimming pools, a gated entry and extensive landscaping.

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