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Nine-Unit Asset Fetches $1M

EL CAJON, CA-Private investors Juan and Amelia Bustamonte of San Diego acquire the apartment complex with the possibility of converting it into a condo asset. Built in 1983, the property was 100% occupied at time of sale.

By Erin Cassin | Updated on January 05, 2004

EL CAJON, CA-A nine-unit apartment asset in El Cajon has netted $135,000 per unit, which translates to more than $1.2 million total, for seller Chamberlain El Cajon Investment LLC of Rancho Santa Fe.

The property, known as Chamberlain, was 100% occupied at the time of sale. Built in 1983, the complex features laundry facilities and carports, according to Casey Haeling, a Hendricks & Partners broker who worked on the deal. The asset is located at 653-681 Chamberlain Ave. in El Cajon, a city that “has potential for condo conversions,” Haeling tells GlobeSt.com. It was this conversion possibility that primarily interested San Diego-based buyers Juan and Amelia Bustamonte in the Chamberlain property, Haeling adds.

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