Escondido CA— CBRE Group, Inc. announced the sale of Grand Villa Apartments, located 1960 East Grand Avenue in Escondido, for a total consideration of $6,960,000. CBRE multifamily experts Merrick Matricardi, Eric Comer, and Jim Neil represented the seller, Perry Tempel and the buyer, Vista International represented themselves.
“The price per square foot of Grand Villa Apartments was $212.45; according to CoStar this was the highest price per square foot on an apartment complex between 20-100 units in Escondido,” said Mr. Matricardi. “The apartment market is strong in San Diego and value-added projects make stronger returns— by investing in exterior and interior renovations the owner has the opportunity to sell at a higher price in a competitive market.”
Grand Villa is a 41-unit garden style apartment complex, originally built in 1977; the complex offers one-bedroom and two-bedroom floor plans. The amenities on the property include a newly refurbished clubhouse, pool, jacuzzi, playground and picnic area. The property offers new dual pane windows, newly installed kitchens appliances, air conditioning units in select units, and new window coverings.
Several academic institutions are located in proximity to the property, including Escondido Charter High School, Escondido High School, Oak Hill Elementary and Orange Glen High School. Palomar College’s Escondido Center is located adjacent to the property. The immediate area also offers a variety of retail and services. Residents are close to Home Depot, Valley Max Supermarket, Vons, Ralphs, as well as various convenient shops, restaurants and services.