Investors buy San Diego multifamily property

Property includes 5 pools, open space
Published on Oct 6, 2004

Grubb & Ellis/BRE Commercial arranged the sale of the 338-unit Forest Park Apartments in El Cajon, Calif. The value of the transaction was $37 million. The property, located at 1210, 1250, 1306 and 1430 Petree St., was built in 1974 and 1975 and sits on approximately 13.4 acres. The property consists of 200 1-bedroom/1-bath apartments; 26 1-bedroom-plus-a-den/1-bath apartments; 80 2-bedroom/1-bath apartments; six 2-bedroom/1.25-bath apartments; two 2-bedroom-plus-a-den/1.25-bath apartments; 17 2-bedroom/2-bath apartments; and seven 2-bedroom/2-bath apartments. In addition, the complex has five pools, five spas, several private balconies and patios, carports, extra storage facilities and areas of open space. EC Phoenix Associates LLC sold the property to California-based limited partnerships including: Cumberland Club Apartments LP, Sea Vale Associates LP, Forest Park II LP and Jeffrey Steven Williams. San Diego-based Grubb & Ellis/BRE Commercial is a privately held commer...

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