Affordable CA Asset Trades for $30M

Marcus & Millichap facilitated the sale of Grandon Village, a 161-unit community in San Marcos. The age-restricted property was fully occupied upon closing.
Grandon Village
Grandon Village

Grandon Village, a 161-unit age- and income-restricted community in San Marcos, Calif., has changed hands for $30.2 million, or $187,578 per unit. A Marcus & Millichap team assisted the seller in the transaction. According to Yardi Matrix data, Marc Gelman, a private investor, is the former owner of the affordable housing asset.  

Located at 1607 Grandon Ave., Grandon Village is within a mile of Grand Plaza, a 357,000-square-foot shopping center. A North County Transit District Breeze bus stop is within walking distance of the 2004-built property. Encompassing one- and two-bedroom units, the three-building community is restricted to residents age 55 or older. Amenities include:

  • fitness center  
  • swimming pool and spa
  • clubhouse
  • fitness center
  • 165 parking spaces

“The complex was 100 percent occupied at the time of the sale and historically has had a long waiting list. The property’s high occupancy can be attributed, at least in part, to a great location near retail and transportation in a submarket where demand for affordable age-restricted housing is dramatic,” said Marty Cohan, senior vice president of investments in Marcus & Millichap’s West Los Angeles office, in prepared remarks.

In another recent transaction, Marcus & Millichap brokered the sale of Villa Cusma, a 40-unit community in San Diego’s Little Italy neighborhood. The seller disposed of the asset for $21.3 million.

Image courtesy of Yardi Matrix