By Ariela Moraru
Marcus & Millichap has arranged the sale of Villa Quixote, a 78-unit apartment community in Escondido, Calif., for $11.8 million (or more than $151,000 per unit). Christopher Zorbas, senior managing director of investments in Marcus & Millichap’s San Diego office, and Joseph Berkson, senior vice president in the firm’s Newport Beach office, represented the seller and procured the buyer, which are both family trusts.
“Escondido has experienced robust rental growth over the last 12 months, as have many communities on the periphery of San Diego County,” said Zorbas in prepared remarks. “Villa Quixote has good bones, the units are oversized, and there will be a big upside in rents after the property undergoes interior and exterior renovations.”
Located at 400-408 E. Mission Ave., the five-building apartment community was built in 1969 on 3.5 acres. The two-story property features 61 one-bedroom/one-bath units and 17 two-bedroom/one-bath apartments. Property amenities include a swimming pool, spa and covered parking. According to Yardi Matrix, the property had an occupancy rate of 98.7 percent in April 2017.
The community is just off Route 78 and Interstate 15, and is some 30 miles north of San Diego. The property is also a five-minute drive from Trafalgar Square Shopping Center and a 10-minute drive from San Diego Zoo Safari Park and from California State University, San Marcos.
Also in San Diego, Marcus & Millichap’s Institutional Property Advisors recently arranged the $18.2 million sale of a 100-unit community for Fowler Property Acquisitions.
Image courtesy of Marcus & Millichap