El Cajon Apartment complex sells for $124 million

June 17, 2024 – Our town took a magical trip down memory lane today. The Model T Ford Club of America rolled into town for their 2024 National Tour. 

Dozens of these magnificent Model T’s lined our streets. It felt like stepping back in time.

The visitors took a stroll through our town’s rich history, from the old Lakeside Inn, the Auto Speedway route, made famous by racing legend Barney Oldfield, to our charming historic buildings and homes.

The Lakeside Historical Society opened their doors, welcoming everyone to explore the chapel, museum, Gift Shop, and the Speedway monument. It was a little slice of the past brought back to life.

Their visit was short, but the memories will last a lifetime. A huge thank you to the Model T Ford Club of America for stopping by and making the day in our hometown so special.

An affiliate of Virginia-based Avalon Bay Communities Inc. has purchased the 368-unit Highlands at Rancho San Diego apartment complex, 2452-2488 Hilton Head Place and 1602 Hilton Head, in El Cajon for $124 million. The buyer was Avalon II California Value IV, L.P., c/o Goodwin Procter LLP, of Boston. The buyer is an affiliate of Avalon Bay Communities Inc. (NYSE: AVB), a real estate investment trust based in Arlington, Vir. PNC Bank (NYSE: PNC) provided a loan of $74.4 million. The sellers of the property were ConAm San Diego Residential Properties and ConAm Partners 85B, both California limited partnerships and each as to a 50 percent interest.
Avalon Bay is among the nation’s largest owners and developers of apartments, with holdings in communities totaling more than 50,000 units. It now owns eight complexes throughout San Diego County. Earlier this year, Avalon Bay purchased the 450-unit Waterstone Carlsbad apartment complex for $78.1 million.