Wednesday, September 10, 2014

$10.875 Million Buys North County Multifamily Asset in Escondido, CA


Christopher Zorbas
ESCONDIDO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tanglewood Apartment Homes, a 96-unit garden-style apartment building in Escondido, Calif. The $10,875,000 sales price equates to $113,000 per unit.

            Christopher Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office and David Sperling, associate, also in the firm’s San Diego office, represented the seller, Chrismark LLC.  The buyer is a Canada-based private investment group.

            “This asset provides the new owner with a solid value-add opportunity,” says Zorbas. “Constructed in 1977, the building has yet to undergo a significant renovation program, although select units have been upgraded and renovated over the last couple of years. 

"The location, and Escondido itself, have grown significantly and will support the future growth of this property,” Zorbas continues. “For example, the building is around the corner from Palomar College’s 80,583-square-foot Escondido campus, which just received $10 million in renovations.”

David Sperling
            Located at 1920 East Grand Ave. in Escondido, Calif., the apartment building is near a major retail corridor featuring Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles and the Palomar Medical Center is one mile away.

            Apartments at Tanglewood Apartment Homes feature linen closets, private patios and fully equipped kitchens with dishwashers and breakfast bars. 

Community amenities include a gated swimming pool and spa, a tennis court, a clubhouse with a pool table and kitchen area, abundant covered and open parking, two laundry facilities and spacious courtyard areas.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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