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5/10/16
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In a San Diego area multifamily investment buy, Vista International Inc purchased Estancia Apartments, a 100-unit asset located at 725 N. Fig St in Escondido, less than a mile from the city’s downtown. The property was sold by Fowler Property Acquisitions and PCCP LLC for $16.5 mil, or $165k/unit.
Estancia Apartments is situated closed to restaurants, nightlife, art galleries, theaters and civic events. It offers easy access to Interstate 15 and Highway 78, allowing residents to easily access all of North County San Diego’s major employment centers, shopping, dining, higher education, craft breweries, wineries, recreation activities and theme parks.
The property offers two- and three-bedroom floor plans ranging from 875 sf to 1.4k sf in size. The three-bedroom units are two-story duplexes.
Darcy Miramontes and Kip Malo of JLL represented the sellers in the transaction. According to Miramontes, the new owner has the opportunity to achieve significant upside with a strategic renovation program.
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