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$19M Aimco Buy Offers Development Potential

ESCONDIDO, CA-The Denver-based multifamily specialist buys the Acres apartments from a local seller for $19.3 million in a deal brokered by Moran & Co.

By Bob Howard | Updated on August 14, 2007

(Read more on the multifamily market.)

ESCONDIDO, CA-Denver-based Aimco has acquired a 118-unit garden-style apartment complex called the Acres from San Diego-based MG Properties for $19.3 million in a transaction brokered by the Costa Mesa office of Chicago-based Moran & Co. Tom Moran Jr., who represented the seller, says that the complex comes with substantial development potential, with condo units already approved for the site.

Moran explains that the Acres, which is at 1575 Tanglewood Lane, is situated on a 13.8-acre site that is built out to a very low density at 8.6 units per acre. Moran points out that the density is well below that of most multifamily developments.

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