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11/15/24
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A 14-unit townhome complex in Escondido traded hands in a recent $7.9 mil ($564k/unit) transaction. The extensively renovated property, located at 938 North Fig St, consists of all large two-story, three-bedroom, two-and-a-half-bathroom homes with attached one- and two-car garages.
Originally built in 1991, the attached homes offer large floorplans, of approximately 1.2k sf in size. Each townhome includes central air conditioning and heat, generously sized back patios, pitched tile roofs, and a concrete driveway. Residents also enjoy a fenced and secure gated entrance.
938 North Fig Street’s position in North San Diego County offers convenient access to key amenities, employment centers, and recreational options. The community is approximately 1.5 miles south of downtown Escondido, where residents can enjoy dining, shopping, and nightlife options that give the area a lively community feel.
The property was sold by Stos Partners, in partnership with multifamily operator Apartment Worth and an institutional investor. We’re told that the sale works out to the highest price-per-unit for a multifamily building along the State Route 78 (SR-78) corridor in the past year.
After purchasing 938 North Fig Street in 2022 for $4.3 mil, Stos Partners and Apartment Worth implemented an extensive renovation plan to enhance and modernize the community. Improvements include, and are not limited to, installing new kitchens with quartz countertops, new bathrooms, new flooring throughout, new air conditioning units and water heaters throughout, new interior and exterior paint, new washer and dryers in every garage, and new front drought tolerant landscaping, in addition to completing numerous maintenance repairs.
Executive Vice President Peter Scepanovic and Senior Vice President Corey McHenry of Colliers represented Stos Partners and Apartment Worth in the sale transaction.
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