JV Acquires Value-Add Escondido Multifamily
Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the company’s institutional clients, closed the sale of Pacifica Palms Apartments, a 189-unit multifamily property in Escondido. The purchase price was $33.6 million.
“The Escondido submarket has seen limited availability of multifamily assets of this size, making Pacifica Palms a rare, large value-add investment opportunity in a supply-constrained market,” said Chris Zorbas, IPA executive managing director.
Zorbas and IPA executive managing director Alexander Garcia, Jr., represented the seller, Pacifica Palms LLC, and procured the buyer, a joint venture between Stratford Partners and LLJ.
“Escondido continues to grow and home prices have increased 19% since 2021,” said Garcia. “The disparity between monthly living expenses for renting vs. owning should sustain low vacancy and place upward pressure on Escondido’s rental prices for the foreseeable future.”
Built in 1965, Pacifica Palms Apartments is a gated-entry, 20-building property with a children’s playground and picnic park, laundry facilities and open parking spaces.
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Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout