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12/04/18
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Woodspear Properties closed on an 84-unit residential buy in the San Diego County city of San Marcos. The CO-based firm paid $23.3 mil ($277.4k/unit) for The Avenue at San Marcos Apartments, a two-story, garden-style complex, totaling 67.3k sf.
Located at 506 E. Barham Drive, The Avenue at San Marcos Apartments features a swimming pool and spa, a tennis court, fitness center and gas barbeques. The majority of the units feature two-bedroom, two-bath floorplans.
CBRE’s Kevin Mulhern and Rachel Parsons represented the seller, Lion Real Estate Group, a private investor, in the transaction. Woodspear Properties is an active investor in the North County market and is continuing to expand their presence throughout the highway 78 corridor.
“This asset sits in a desirable submarket with a lot of growth driven by the close proximity to Cal State San Marcos University,” said Mulhern. “The region is primed for continued future growth and The Avenue will become increasingly valuable over time.” He added, “There is also opportunity to add value by completing the interior upgrade program and improving the common area amenity package.”
The Avenue is located less than a quarter mile from the Sprinter Light Rail Station and California State University San Marcos, with more than 1,490 employees plus enrollment of over 15,000 students, annually. Additionally, the property is just three miles from the new Palomar Medical Center, one of North County’s largest employers with 2,500+ employees. The immediate access to Highway 78 provides connectivity to San Diego’s North corridor.
According to recent CBRE research, Q3 U.S. multifamily annual demand hit an 18-year high, with demand now outpacing supply. Multifamily acquisition totaled $48.3 bil in the quarter, a 14.2% year-over-year gain with Southern California landing among the top-three metros for multifamily completions in the third quarter.
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