IPA to Market $21M CA Community
The firm will handle the sale of Villa Capri in Escondido, which includes 98 units and is currently 98 percent occupied.
Institutional Property Advisors, a division of Marcus & Millichap, has been selected to market the $21.2 million sale of Villa Capri, a multifamily community in Escondido, Calif.
Located at 902-926 E. Washington Ave., Villa Capri comprises 98 studio and one- and two-bedroom units ranging from 650 to 1,400 square feet. The 4.2-acre community features 10 two-story buildings and was 98 percent occupied as of July 2018, according to Yardi Matrix. Features include private balcony/patios, a swimming pool, a spa, laundry facilities and 135 parking spaces.
“Built in 1971, Villa Capri is a true value-add opportunity that has been well-maintained and is being offered free of debt,” said Christopher Zorbas, senior managing director at IPA, in a prepared statement. “The average annual household income within a 5-mile radius of the property is $85,524.” Zorbas, along with Associate Austin Huffman, are representing the seller. According to Yardi Matrix, the last recorded owner is SHS Development Corp., which purchased the asset in May 2000 for $4.3 million.
The property offers convenient access to Interstate 15 and California State Route 78, roughly 30 miles from San Diego. Nearby retailers, restaurants and attractions include Walmart, CVS, IHOP, Vallarta Supermarket, Home Depot and Chipotle, the Westfield North County shopping mall, San Diego Zoo Safari Park and downtown.
Last month, IPA represented the seller Tonti Properties, in the $23 million disposition of Wilshire Pines, a 173-unit multifamily asset in Tempe, Ariz. The firm also procured the buyer, Sheiner Group.
Image courtesy of Institutional Property Advisors