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56-Unit Complex in El Cajon Trades Hands

EL CAJON, CA-Pinewood Park LP acquires the multifamily property from Pinewood On Wisconsin LP for $4.1 million. Built in 1971, the complex was rehabbed by the seller from 1997 to 1998.

By Erin Cassin | Updated on June 26, 2003

EL CAJON, CA-Pinewood, a 56-unit apartment complex in El Cajon, has traded hands in a deal valued at $4.1 million. Los Angeles-based Pinewood Park LP has acquired the multifamily asset from Pinewood on Wisconsin LP of Indianapolis, IN.

The property, which was being operated as an affordable housing project, was built in 1971. From 1997 to 1998, the seller extensively renovated the complex, which currently features a swimming pool, spa, barbecue area, central laundry room, separate leasing office and community room, waste disposals, air conditioning units, electric radiant ceiling heating and 68 open parking spaces. The rehab involved new paint and signage for the exterior, as well as asphalt repair, partial roof replacement and improvements to the lighting. Interior upgrades entailed the replacement of appliances, air conditioning units and floor coverings.

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