Grandon Village in San Marcos, California | Courtesy a representative of Marcus & Millichap

Developer Gains $30M for Affordable, Age-Restricted Asset

Carrie Rossenfeld Multifamily

Grandon Village LP, the original developer of Grandon Village, has sold the 161-unit, age- and income-restricted housing property in San Marcos, California, for $30.2 million to an undisclosed buyer, a representative of Marcus & Millichap (M&M) reports. The sale price equates to $187,578 per unit.

M&M’s Marty Cohan, SVP investments in the firm’s West Los Angeles office, represented the seller in the transaction, the source reports. SoCal Real Estate reached out to M&M regarding the identity of the seller but did not hear back before deadline.

The source says Grandon Village was built in 2004 and is within a mile of Grand Plaza, a 357,000-square-foot community shopping center and that a North County Transit District Breeze bust stop is within walking distance of the property.

“The complex was 100 percent occupied at the time of the sale and historically has had a long waiting list,” says Cohan in a statement from the source. “The property’s high occupancy can be attributed, at least in part, to a great location near retail and transportation in a submarket where demand for affordable age-restricted housing is dramatic.”

Affordable communities in the San Diego market are not prevalent, but as SoCal Real Estate reported in May, the South County region offers more affordable options than the county median, according to Tony Russell, a managing director at JLL.