Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that it has acquired a 200-unit apartment property in San Diego. Located 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 in upgrades.
As part of the renovation scope, Sunstone Two Tree will upgrade each unit’s interior with vinyl plank flooring, hard-surface countertops, updated lighting, stainless steel appliances and new cabinetry. The exterior will receive new paint, exterior finish replacement, lighting, parking lot repairs, landscaping and signage. The company will refence backyards, renovate parking garages and add carports. They will also renovate the pool area and add new gates and fencing around the perimeter of the property. Renovations are set
