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118-Unit Multifamily Complex Sells for $12.5M

ESCONDIDO, CA-An LLC and an LP acquire the circa 1986 property, which is known as The Acres. The new owners plan to make cosmetic upgrades to the complex, as well as fix some minor deferred maintenance.

By Erin Cassin | Updated on September 16, 2002

ESCONDIDO, CA-A 118-unit apartment complex in Escondido has been acquired by an LLC and an LP in a deal worth $12.5 million.

MG Acres Apartments LP and Gleiberman Apartments 2002 LLC, which counts Gleiberman Investments Inc. as managing partner, have purchased the property, known as The Acres. Completed in 1986, the complex originally sold for $7.2 million in December of the same year. It consists of two-story wood frame buildings with pitched roofs and stucco and siding exteriors, which are located at 1575 Tanglewood Lane. Amenities here include a pool, spa, recreation room, two laundry rooms and carports. The complex has a park-like atmosphere, as it is situated on a well-landscaped, 13.79-acre hillside parcel with open grounds, says Robert Vallera Jr. of IPC Commercial Real Estate, who represented the seller in the transaction.

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