El Cajon Apartment Property Sells for $13.25 Million at $224,500 Per Unit
El Cajon, California | September 24, 2026: A 59-unit multifamily property in El Cajon, California, has sold for $13.25 million, translating to approximately $224,500 per apartment unit in a transaction that highlights continued investor interest in value-add rental properties in East County San Diego.
The 48,200-square-foot apartment community, known as Villa Capri, sits on approximately 1.68 acres near Interstate 8, the El Cajon Transit Center and major employment centres across San Diego County.
Villa Capri Trades at $224,500 Per Unit
The property at 229 Shady Lane contains 59 apartments and generated a total transaction value of $13.25 million.
The unit mix includes:
- 24 one-bedroom, one-bath units
- 16 two-bedroom, one-bath units
- 12 two-bedroom, two-bath units
- 7 three-bedroom, two-bath units
Built in 1969, the community provides a mix of smaller and larger apartments that can serve different renter requirements.
Property Already Has Several Upgrades
Villa Capri has undergone improvements to its building systems, electrical infrastructure, common areas and landscaping.
Community amenities include:
- Swimming pool
- Landscaped courtyards
- Barbecue and picnic areas
- On-site laundry
- Off-street parking
The existing improvements provide a base for the buyer's next phase of investment.
Buyer Plans Additional Renovation
The buyer, TFT Capital I, plans to renovate the property with the aim of enhancing its long-term value.
The strategy places Villa Capri in the value-add segment of the multifamily market, where investors acquire existing apartment communities and invest additional capital in units, amenities, infrastructure or operations.
The scale and timing of future renovations were not disclosed in the transaction announcement.
Location Gives the Property Regional Access
Villa Capri is positioned close to Interstate 8 and the El Cajon Transit Center, providing access to employment centres across San Diego County.
For multifamily properties, transportation access can be an important factor in attracting and retaining renters, particularly where residents commute to employment centres in different parts of the region.
The property's location also gives the buyer an opportunity to combine existing rental demand with improvements to the community.
Why Investors Are Watching East County San Diego
Marcus & Millichap investment specialist Austin Huffman said value-add apartment communities in East County San Diego continue to attract investor interest because of renter demand, limited housing supply and opportunities to improve property operations.
Those factors can create opportunities for owners willing to invest additional capital after acquisition, although actual performance depends on rents, operating costs, renovation expenses and broader market conditions.
What This Means for Multifamily Buyers
The transaction provides another benchmark for investors evaluating apartment properties in the San Diego region.
For owners and prospective buyers, important metrics to compare include:
- Price per unit
- Price per square foot
- Existing rents and occupancy
- Renovation requirements
- Operating expenses
- Location and transit access
- Potential capital expenditure
- Local apartment supply
At $224,500 per unit, Villa Capri's sale price offers a reference point for similar multifamily assets, but property-level differences can materially affect valuations.
What Happens Next
TFT Capital I plans to renovate Villa Capri after the acquisition, potentially repositioning the 59-unit community within El Cajon's rental market.
The transaction also adds another data point for East County San Diego's multifamily investment market, where buyers continue to assess older apartment properties for renovation and operational improvement opportunities.