Villa Capri, a 98-unit multifamily asset located at 902-926 East Washington Avenue in Escondido, California, is on the sale block, according to a statement from a representative of Marcus & Millichap’s (M&M) Institutional Property Advisors (IPA) division. An unnamed seller is asking $21.2 million for the property, which was built in 1971, the statement says.
Christopher Zorbas, a senior managing director at IPA, and Austin Huffman, an associate in M&M’s San Diego office, are representing the seller exclusively in an effort to sell Villa Capri, according to the release. Zorbas is quoted as saying that the property “is a true value-add opportunity that has been well maintained and is being offered free of debt.” He adds that “the average annual household income within a five-mile radius of the property is $85,524.”
Located near I-15 and California SR 78, approximately 30 miles north of downtown San Diego, Villa Capri is situated on 4.2 acres and comprises 11 one- and two-story buildings, the release says, adding that the unit mix is one studio, 75 one-bedroom/one-bath apartments, 16 two-bedroom/one-bath units, and six two-bedroom/two-bath apartments. Retailers and restaurants along nearby Valley Parkway include Walmart, Vallarta Supermarket, CVS, Home Depot, IHOP, and Chipotle, according to the statement.
M&M also reports in the release that Escondido is located along the 78 Corridor, “a diverse cluster of industries that spans five cities in the North County region of San Diego County. Total employment along the corridor exceeds 283,000 and the area is home to employers such as Viasat Inc., Watkins Manufacturing Co., OptumRx Inc. and Genentech. Escondido’s attractions include the Westfield North County shopping mall, a charming downtown, and San Diego Zoo Safari Park.”
Apartment communities in Escondido have been selling. As SoCal Real Estate reported in March, according to a release from a representative of Meridian Capital Group, the firm arranged $27.8 million in acquisition financing for the purchase of a three-property multifamily portfolio in Escondido on behalf of Clear Sky Capital Inc.
The San Diego market as a whole exhibited 5 percent multifamily rent growth year-over-year between August 2017 and August 2018, according to a report from RENTCafé.