SoCal Asset Sells for $20M
The 98-unit Villa Capri in Escondido benefited from an acquisition loan originated by Aetna Life Insurance Co. IPA represented the seller and procured the buyer.
Institutional Property Advisors, a division of Marcus & Millichap, has represented SHS Development Corp. in the $19.5 million sale of Villa Capri, a 98-unit community in Escondido, Calif. The buyer, a California-based investor, has financed the acquisition through a $14.8 million, five-year loan from Aetna Life Insurance Co., according to Yardi Matrix data.
Located at 912 E. Washington Ave., Villa Capri consists of one- and two-bedroom apartments in two-story buildings. Amenities include a pool and a spa. Built in 1971 on 4.2 acres, the community is situated near many retail and dining options. Villa Capri offers easy access to Interstate 15 and California State Route 78 and is less than 35 miles away from downtown San Diego. The asset was fully leased as of January, per Yardi data.
“The property is a well-maintained apartment complex on the 78/15 Corridor where total employment exceeds 283,000 (people),” said Christopher Zorbas, senior managing director at IPA, in prepared remarks. “…the submarket continues to experience solid rent growth as renters migrate north along the Interstate 15 corridor looking for more affordable options.”
Zorbas and Austin Huffman, an investment associate with The Zorbas Group of Marcus & Millichap in the firm’s San Diego office, represented the seller and obtained the buyer.
Recently, IPA brokered the $110 million sale of Foundry Commons, a 238-unit luxury Silicon Valley property.
Image courtesy of Yardi Matrix