Marcus & Millichap (NYSE: MMI) announced the sale of 229 Shady Lane, a 59-unit multifamily property in El Cajon, California. The asset sold for $13.25 million, or $224,576 per unit. The property, known as Villa Capri, was built in 1969 and sits on a 1.68-acre parcel. The 48,150-square-foot community includes 24 one-bedroom, one-bath units, 16 two-bedroom, one-bath units, 12 two-bedroom, two-bath units, and seven three-bedroom, two-bath units.
Austin Huffman, senior director investments, and Christopher Zorbas, investment specialists in Marcus & Millichap's San Diego office, represented the seller, Mary Susan Curry 2020 Revocable Living Trust, and procured the buyer, TFT Capital I. Huffman said value-add apartment communities in East County San Diego continue to attract investor interest because of strong renter demand, limited housing supply, and opportunities to improve operations over time. He described Villa Capri as offering spacious floor plans, upgraded property systems, and meaningful rental upside.
The transaction reflects continued investor appetite for value-add multifamily assets in East County San Diego. Community amenities include a swimming pool, landscaped courtyards, barbecue and picnic areas, on-site laundry facilities, and off-street parking. Recent improvements include upgrades to the property's systems, electrical infrastructure, common areas, and landscaping. Located near Interstate 8, the El Cajon Transit Center, and major employment centers throughout San Diego County, the property offers convenient regional access. The buyer plans to renovate the property to enhance its long-term value.
The announcement did not disclose the capitalization rate, financing terms, or the buyer's renovation budget. It also did not specify the timeline for planned renovations or the expected rental increases. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025, but the source does not provide comparable sales data for El Cajon or East County San Diego to contextualize the $224,576 per-unit price. The exact condition of individual units and the scope of deferred maintenance remain unknown.