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8/08/17
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In a joint venture with Allstate, TruAmerica Multifamily has made its biggest investment in San Diego County with the acquisition of Eagles Point Apartment Community, a 519-unit property in Escondido, for $90 mil ($173.4k/unit). The asset, located at 1501 E. Grand Ave, was sold by Progress Management, out of San Diego.
TruAmerica will invest significant capital to improve and rebrand Eagles Point, which is being renamed Solana at Grand.The renovation plan – the largest in company history -- includes refurbishing all interior units and upgrading the property’s two pools and spas, tennis courts, and clubhouse. Plans also call for a new fitness center to be incorporated in the existing clubhouse.
The community includes studio, one-, two- and three-bedroom apartments that had not been updated since they were built in 1985. FPI Management, out of Folsom, has been brought on to handle on-site management.
Escondido is one of the fastest growing cities in North San Diego County. Over the past five years, its population has grown by 6.3% percent and is projected to grow by an additional 5.4% by 2021, according to FastReport.
With fewer than 14,000 rental units and only two projects totaling 275 units in the construction pipeline, the city’s multifamily inventory is not close to keeping pace with its tremendous growth, according to Greg Campbell, TruAmerica’s Senior Managing Director of Acquisitions and Dispositions.
“Demand has far exceeded supply in Escondido driving vacancy rates to a little more than one percent,” said Campbell. “And most of the current inventory in the area is older and lacks the amenities desired by today’s renter.”
“With 1,600 units in our San Diego portfolio, we will be able to take advantage of economies of scale and in-house construction management expertise to transform Eagles Point into one of the most attractive communities in the submarket, and still keep rents in line for working families and individuals in the North County,” Campbell added.
Eagles Point benefits from being located across the street from the Walmart-anchored Vineyard Square Shopping Center, one of the major retail centers in Escondido. The property also is served by nearby Hwy 78 and I-15, providing easy access to downtown San Diego as well as the coastal communities of Carlsbad and Oceanside.
Allstate has now acquired more than 7,600 units through its joint venture with TruAmerica.
Troy Tegeler with CBRE team arranged the project financing through Fannie Mae. CBRE’s San Diego-based team of Kevin Mulhern, Rachel Parsons and Dixie Hall marketed the property on behalf of the seller.
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