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12/07/21
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HomeFed Corporation has wrapped up a $167.5 mil purchase of a 519-unit ($322k/unit) multifamily asset in Escondido. The property, Solana at Grand, features a mix of studio, one- and two-bedroom units.
Units at Solana at Grand, located at 1501 E. Grand Ave, include remodeled interiors and patios/balconies. Community amenities include two swimming pools, fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and laundry facilities.
The seller acquired asset in July 2017 and then completed an extensive interior and exterior renovation to the property, including common area and unit renovations. HomeFed Corporation has plans to convert the property to middle-income affordable housing through a JPA structure with CMFA and the City of Escondido.
CBRE’s Kevin Mulhern facilitated the transaction on behalf of the buyer. CBRE also sold the property to the seller in July 2017.
“HomeFed Corporation will roll back rents to keep the property affordable to middle-income residents making between 61 and 120 percent of San Diego County Area Median Income (AMI) creating and preserving true workforce housing,” said Mulhern. “This is the first deal of this type to close in San Diego County with more deals likely to follow.”
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