Colorado–based real estate investment company Woodspear Properties has purchased The Avenue at San Marcos Apartments, an 84-unit multifamily property in San Marcos, California, from Los Angeles–based real estate investment and development firm Lion Real Estate Group, for $23.3 million, according to a release from a representative of CBRE. The statement says the property, located at 506 East Barham Drive, is a two-story, garden-style complex, totaling 67,280 square feet.
Amenities at The Avenue include a swimming pool and spa, a tennis court, a fitness center, and gas barbeques, the source reports. The majority of the units feature two-bedroom, two-bath floorplans.
The statement says The Avenue is located less than a quarter mile from the Sprinter Light Rail Station and California State University San Marcos and 3 miles from the new Palomar Medical Center. Immediate access to Highway 78 provides connectivity to San Diego’s North corridor.
According to the release, CBRE’s Kevin Mulhern and Rachel Parsons represented Lion Real Estate Group in the transaction. The statement says Woodspear is an active investor in the North County market and is continuing to expand its presence throughout the Highway 78 corridor.
Mulhern is quoted as saying, “This asset sits in a desirable submarket with a lot of growth driven by the close proximity to Cal State San Marcos University. The region is primed for continued future growth, and The Avenue will become increasingly valuable over time.”
He adds, “There is also opportunity to add value by completing the interior upgrade program and improving the common area amenity package.”
The release says that according to recent CBRE research, Southern California was among the top-three metros for multifamily completions in the third quarter.