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Condo Conversion Property Fetches $22M

SAN MARCOS, CA-The Highlands, a 120-unit apartment property, changes hands. The property will convert to condos. Units range from 716 sf to 1,178 sf.

By Daniel D. Williams | Updated on August 11, 2005

(To read more on the multifamily market, click here.)

SAN MARCOS, CA-Another San Diego area apartment complex will make the shift to condos. The latest property to change hands is the Highlands, a 120-unit property.In the deal, two private investors agreed on $22.4 million for the property. Chicago-based multifamily specialist Moran & Co. listed the property, with Mary Ann King, Scott Davis and Michael Murphy of Moran & Co.’s West Coast office representing the seller.The property was marketed as a condo conversion and already has “a subdivision map in place,” Davis says. He adds that the property already has “condo-style amenities,” which include oak cabinets and marble counters.Built in 1986, the Highlands has already undergone significant renovations. Work on the property includes a renovated clubhouse and interior upgrades. “Residences have been upgraded with new paint, vinyl and carpet,” Murphy says. He adds that the units have been readied for turnkey status, but buyers can “expand the upgrade program.”The complex counts 15 two-story, garden-style buildings with eight units per building. The property includes 48 one-bed/one-bath units, 32 two-bed/two-bath units and 40 three-bed/two-bath units. The units range from 716 sf to 1,178 sf. While specific prices weren’t released, Davis says that the units will be marketed as affordable units. He says that median home prices in San Marcos have risen 127%, to $440,400, since 2000. He adds that the units will give relief to buyers looking for opportunities in the “second least affordable market in the US.”

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