EL CAJON, CA-The Villa Terraza apartment asset in the city has traded hands for $105,833 per unit, as investors continue to seek out multifamily product in San Diego County.

Located on a 1.3-acre parcel at 1059 E. Bradley Ave., the 30-unit complex was constructed in 1987. All of its units feature two-bedroom, 1.75-bath floorplans.

Seller Avallone Commercial Properties LLC, which originally acquired the property in 1989, has sold the asset to private investors Chris La Fornara, David Hurwitz, Tamara Hurwitz, Jonathan Eary, Jacqueline Eary, Shannon Phillipps and Sally Semm. The transaction is valued at $3.2 million.

In the recent deal, the buyers were represented by Joe Siemienowski of Siemienowski & Associates. Peter Scepanovic of Colliers International acted on behalf of the seller.

Sale prices continue to climb in San Diego County’s multifamily market, with industry experts forecasting more of the same into 2004. “Improving job growth and solid market fundamentals will keep apartment values rising over the next year,” according to a July report by Marcus & Millichap Real Estate Investment Brokerage Co. Values had already risen 25% to a median price per unit of $87,500 during 2002 and jumped another 14% to $100,000 per unit by mid-2003, according to Marcus & Millichap. The firm’s researchers predict a steady rise in prices with an expected increase in median price per unit to $107,000 by July 2004.

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