Sunstone Two Tree acquired a 200-unit apartment property in on the north side of El Cajon. The Terraza Hills community was built in 1976 and is in its original condition. Sunstone Two Tree paid $45 million or $225,000 per unit for the property and plans to invest a significant amount of capital on upgrades.
“According to CoStar, there were only 88 multifamily units delivered in 2024 to all of the East San Diego submarket, or 0.1% of the existing inventory,” said Scott Maddux, president and CEO of Sunstone Two Tree. “Furthermore, much of what does exist in the submarket is older, unrenovated product. As a result, it’s imperative to invest in and preserve the housing stock that’s already available in the area so that families can have affordable places to live now and in the future.”
Renovations are set to begin in April and will take approximately 24 months to complete.
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