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El Cajon Multi-Family Community Sells for $34M Amidst the Height of Rental Demand

MadisonHero

Colliers brokers the sale of the 110-unit property, The Madison

San Diego, Calif.  August 2, 2022 – Colliers today announced the $34,000,000 sale of The Madison, a 110-unit apartment community in the East San Diego County City of El Cajon at 1360 East Madison Avenue, El Cajon, CA 92021. Built in 1976, approximately 60 percent of the property’s units have undergone renovations, offering easy and significant upside potential.

Colliers’ Peter Scepanovic and Corey McHenry represented both parties in the deal, wherein the buyer, East Madison Avenue, LP, acquired the property from an undisclosed seller.

“The San Diego Multi-Family market continues to perform exceptionally well,” says Colliers’ Peter Scepanovic. “Large suburban apartment properties like The Madison attract strong investor demand.”

The Madison comprises a unit mix of primarily 1BR/1BA and 2BR/1BA offerings, with an abundant 168 on-site parking spaces. Building features and improvements include new plank flooring, stainless steel appliances, upgraded cabinetry and countertops, in-unit washer and dryers, exterior paintwork, and more. Additionally, the property offers a newly upgraded community pool area, resident clubhouse, a new fitness center, and racquetball and tennis courts.

The Madison’s advantageous location along the I-8 Corridor, in one of San Diego’s most diverse and vibrant communities, connects residents to all other major freeways, public transportation, ample amenities, and local attractions such as San Diego Zoo, Balboa Park, and more.

 

Media Contact

Leanne Daly
PR & Communications Specialist
U.S. Southwest Region
Leanne.Daly@colliers.com
+1 760 930 7941

 

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.


Related Experts

Peter Scepanovic

Executive Vice President

Carlsbad

Peter specializes in the sale of Multi-Family Investment Real Estate throughout Southern California, with a specific emphasis on the San Diego area.  In his 30+ year career he has been involved in transactions in excess of “One Billion Dollars”, representing Private Capital, Institutional Clients, and Lenders.  Peter has received numerous “Top Producer” awards, and has been previously awarded the designation as the “Colliers International Top Apartment Broker in the Nation”.   Peter also is a 2015 inductee in the Colliers International Everest Club - Top 10 Percent of all Colliers Professionals in the Americas Region (North and South America).
 

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Corey McHenry

Senior Vice President

Carlsbad

Corey specializes in the sale of Multi-Family Investment Real Estate throughout Southern California, with a specific emphasis on San Diego County.  Having  joined Colliers in 2008, Corey is a member of the San Diego Multi-Family Advisory Group along with Peter Scepanovic.  Since 2007, Corey has completed in excess of $600 Million of real estate transactions, representing Private Capital, Institutional Clients and Lenders.  The Scepanovic-McHenry San Diego Multi-Family Team  is the top Multi-Family Brokerage Team in the Colliers  San Diego  Region.  Prior to joining Colliers, Corey began his career at Cushman & Wakefield.


Outside of the office, Corey is very involved in the Big Brothers Big Sisters of San Diego and Homes of Hope charitable organizations.

TEAM WEBSITE: ScepanovicMcHenryApartments.Colliers.com

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