Colliers Arranges $35M San Diego-Area Sale
- Apr 22, 2020
Colliers International has brokered the $34.7 million sale of Sage Apartments, a 137-unit community in Escondido, Calif. Peter Scepanovic and Corey McHenry of Colliers’ Multi-Family Advisory Group assisted the seller in the disposition to a private investor. According to Yardi Matrix data, the previous owner was Clear Sky Capital.
The Class B asset last traded in 2017 in a $38.6 million, three-property portfolio transaction incorporating 193 units, Yardi Matrix shows. Following the purchase, Clear Sky Capital merged two of the three properties and branded them as Sage Apartments.
Located at 1920 and 1960 E. Grand Ave. in North San Diego County, the community consists of 14 two-story buildings developed in 1977 and 1978. The unit mix features one- and two-bedroom apartments averaging 543 square feet. Amenities include a tennis court, swimming pool, clubhouse and fitness center. Clear Sky Capital made interior and exterior upgrades to the property and the new owner intends to continue the improvement process.
The community is some 3 miles east of the city center, just south of Palomar College’s Escondido campus. The immediate area is home to numerous dining and shopping venues, with three shopping centers within a 1-mile radius.
Earlier this month, another Colliers team arranged the sale of a 123-unit, two-property portfolio in Oakland, Calif. Executive Vice Presidents Ryan Wagner and Brandon Geraldo represented the seller in the deal.