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10/27/18
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Casa Loma, a 48-unit multifamily community in Fallbrook, was purchased for $6.9 mil ($144k/unit) by Efren R. Cota Ltd, a private investment company. The property was sold by Woodspear Properties as part of a 1031 exchange.
Built in 1975, Casa Loma is located at 218 West Clemmens Lane, in San Diego's North County Inland submarket. It is situated a fourth of a mile from the east gate of the Marine Corps Base Camp Pendleton.
The property is a two-story, garden-style community with a mix of studio, one-, and two-bedroom units. It is located in a desirable residential neighborhood within walking distance to the town center.
Merrick Matricardi, Jim Neil, and Eric Comer with Kidder Mathews represented the seller in the transaction. The buyer was repped by Bob Cota Realty brokers, Robert Cota and Mark Edwards.
“The property is well maintained, and in-place rents are below market compared to similar communities in Fallbrook, giving Casa Loma rents room for growth in the current market,” said Matricardi.
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