San Diego Business Journal

Mollison Avenue Apartment Complex Sells for $15.25M

By Lou Hirsh Monday, April 16, 2012

The 132-unit Key Largo Apartments in El Cajon has been sold for $15.25 million, CoStar Group reported.

The buyer was Highland Development LLC of Arcadia, and the seller was Key Largo Partners Ltd. of San Diego. The buyer plans to spend approximately $5.8 million on renovations, including roof repairs and energy efficiency upgrades, according to CoStar.

The complex, at 380 N. Mollison Ave., was built in 1970 and sits on 4.6 acres. It was more than 90 percent leased at the time of sale.

The seller was represented by brokerage firm CBRE, and the buyer was represented in-house.