Marcus & Millichap Brokers San Diego-Area Buy
Chris Zorbas, senior managing director with Marcus & Millichap, represented the seller in this deal, while ACI Principal Terry More worked on behalf of Paolo & Elisa, the buyer.
Marcus & Millichap Senior Managing Director Chris Zorbas acted on behalf of the seller, Gordon Reese and Castelforte, in the disposition of a seven-unit community in Escondido, Calif. Apartment Consultants Inc. (ACI) Principal Terry Moore worked on behalf of Paolo & Elisa, the company that sold the 1984-built property for $1.8 million. The deal was part of a 1031 tax-deferred exchange.
Located at 310 E. Washington Ave., at the intersection between East Washington Avenue and Waverly Place, the property spans across a 14,269-square-foot site. With a total of 5,454 square feet, the building consists of all two-bedroom units. The recently renovated community includes open parking spaces and a separate laundry room.
Northgate Gonzalez Market, San Diego Children’s Discovery Museum, California Center for the Arts and Mission Escondido Shopping Center are all nearby. The property provides easy access to North Broadway, North Juniper Street, East Mission Avenue and East Lincoln Parkway.
Recently, the same ACI team handled the disposition of another seven-unit asset. The Marc and Amelia Ausman Trust and WINCTC purchased a community in San Diego for $1.6 million.
Image via Google Street View
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