CBRE has completed the sale of Barham Villas, a 168-unit garden-style community in San Marcos, Calif. Senior Vice President Kevin Mulhern and First Vice President Rachel Parsons worked on behalf of the seller, San Diego-based MG Properties Group.
Buyer Virtú Investments, which recently purchased the 232-unit Foothill Ridge in the Inland Empire, was represented in-house. According to Yardi Matrix data, the previous owner acquired the asset in 2011 for $28.5 million.
Located at 570 Barham Drive, the two-story community is directly south of Highway 78 and 2.5 miles from Interstate 15. The property is within walking distance of California State University.
Completed in 1988 on nearly 10 acres, Barham Villas features Mediterranean architecture with pitched-tile roofs and garages. The one-, two- and three-bedroom units average 930 square feet. Common-area amenities include:
- tennis court
- half basketball court
- heated pool and spa
- fitness center
- two laundry facilities
“The acquisition provides allocation in a dynamic San Marcos location within San Diego, in a property that will benefit from community improvements,” said Evan Faulkner, Virtú’s head of acquisitions, in a prepared statement. The property was 91.7 percent occupied as of October.
Image courtesy of CBRE
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].