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Investor Vista International has paid nearly $7M, or $212.45/SF, for a 41-unit, Class-B, garden-style apartment complex, Grand Villa Apartments, in Escondido. The sale marks the highest price/SF ever paid for a multifamily property between 20 and 100 units in Escondido, says CBRE SD VP Merrick Matricardi. He, along with CBRE SVPs Eric Comer and Jim Neil, repped the seller, Perry Tempel. Vista International repped itself.
“The apartment market is strong in San Diego, and value-added projects make stronger returns,” Matricardi said. "By investing in exterior and interior renovations, the owner has the opportunity to sell at a higher price in a competitive market.” Built in 1977, Grand Villa offers one-bedroom and two-bedroom floor plans. Amenities include a newly refurbished clubhouse, pool, jacuzzi, playground and picnic area. Units have new dual pane windows and newly installed kitchen appliances.
Palomar College Escondido Center is adjacent to the property, which is also near three high schools and an elementary school. The areas offers a variety of retail amenities, including restaurants, and several supermarkets and convenience shops.
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