El Cajon Affordable Apartments Purchased By Fresno Nonprofit For $10.6M
An affordable housing nonprofit, Fresno, CA-based SER-Jobs for Progress, has acquired the 120-unit Royal Heights Apartments in El Cajon for $10.6M, according to CoStar. SER-Jobs, the managing partner for the complex, exercised its right to buy from a limited partnership that owned the property, ensuring it will remain an affordable housing project for another 40 years.
Rents will remain unchanged, SER-Jobs VP Jesús Padron told the San Diego Union-Tribune. The project provides housing for families earning 60% of the median area income or less. El Cajon’s median household income in 2014 was $45,957, according to the US Census Bureau.
Jesús said SER-Jobs will continue to seek opportunities to acquire affordable housing projects. The organization also owns a 23-unit affordable housing complex in Oceanside, according to Costar. The average SD rent is $1,618/month, MarketPointe Realty Advisors reported in March. East County, where El Cajon is located, has the lowest vacancy rate of any submarket in the county at 1.32%—just 244 out of 18,504 units were available in March. [SDUT]