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SAN DIEGO NEWS
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Investor Pays $242k/Unit for Escondido Res Property

5/06/20

A 39-unit apartment complex in Escondido sold for $9.46 mil, or $242.5k/unit. The 37.5k sf property is situated on a 114.6k sf lot at 1440 N. Broadway, north of El Norte Pkwy and east of I-15.

Built in 1978, the property consists of 28 two-bedroom/1.5-bath units and 11 two-bedroom/1.75-bath units. The community room was converted more than 20 years ago into a non-permitted three-bedroom/1.5-bath unit.

The property also includes 18 garages, 40 carports and 33 open parking spaces. Residents also enjoy a sparkling swimming pool.

The buyer, Kenwood LLC, was represented by Jeff St. Thomas of HomeSmart Realty West. The seller, Ross Apartment Company VI LP, of San Diego, was repped by Terry Moore, CCIM, of ACI Apartments. Moore has represented the seller/estate on multiple transactions and owned a percentage of the property as well.





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