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3/05/19
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A two-property, 39-unit multifamily portfolio in the Northern San Diego County city of Escondido sold for $8.15 mil ($209k/unit). The assets consist of The Juniper Apartments, a 27-unit building situated on a 1.82-acre lot at 1550-1568 S. Juniper St, and The Sunset Apartments, a 12-unit building situated on a 36.6k sf lot at 205 W. Vermont Ave.
The Juniper Apartments consist of 11 separate structures with a mixture of one- and two-bedroom floorplans and five single-family cottage units. The Sunset Apartments consists of all two-bedroom floor plans on a large lot, with all residents receiving two reserved parking spaces. Located in the high rental demand area of Escondido, both assets have access to desirable retail, restaurants and services in the area.
Keith Courtney of ACI Apartments represented the seller, G & Y Properties LLC (The Gallagher Family). G & Y built The Sunset Apartments in the early 1970’s and have owned The Juniper Apartments for over 25 years.
The buyer, Dan Feder with F&F Properties, was repped by Nick Zalkow, also with ACI Apartments. According to Zalkow, the buyer was attracted to the value-add opportunity that these two properties provide, as well as North County’s solid rental growth.
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