**Sunstone Two Tree Acquires and Plans Renovations for El Cajon Apartment Community**
Sunstone Two Tree has acquired the Terraza Hills apartment community located on the north side of El Cajon. The 200-unit property, built in 1976, remains in its original condition. The purchase price was $45 million, equating to $225,000 per unit.
The firm plans to invest significantly in upgrades to modernize the property, addressing a critical need for updated housing stock in the area.
“According to CoStar, only 88 multifamily units were delivered in 2024 across the entire East San Diego submarket, representing just 0.1% of the existing inventory,” said Scott Maddux, president and CEO of Sunstone Two Tree. “Furthermore, much of the current supply in the submarket is older and unrenovated. It’s imperative to invest in and preserve the housing stock that’s already available so families can have affordable places to live now and into the future.”
Renovations at Terraza Hills are scheduled to begin in April and are expected to take roughly 24 months to complete.
