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| 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.”
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| 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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