ESCONDIDO, CA—The Tax Credit Group of Marcus & Millichap (TCG), the country's market leader in Section 42 property sales with nearly $4 billion of LIHTC product closed, has arranged the sale of The Terraces, a 190-unit apartment community located just north of San Diego in Escondido. The sales price of $23,400,000 equates to $123,158 per unit and $146 per square foot.
Jeff Kunitz, a senior director of the Tax Credit Group and Raymond Choi, a vice president investments in Marcus & Millichap's San Diego office, represented the seller, Escondido Terraces LC with Affirmed Housing Group as its managing general partner. Kunitz also procured the buyer, Avanath Capital Partners LLC. Choi was Marcus & Millichap's broker of record in California.
“The new owner has taken advantage of an excellent investment opportunity,” says Kunitz. “The Terraces is a Section 42 LIHTC apartment community that is outside of the initial tax credit compliance period. and Affirmed Housing did an excellent job of maintaining a quality apartment community throughout their ownership,” Kunitz adds.
The 159,876-square foot property is located on 12.2 acres at 1301 Morning View Drive in Escondido with easy access to public transportation.
Built in 1995, The Terraces offers residents one-, two-, three- and four-bedroom floor plans. Unit features include private balconies or patios, energy efficient appliances, central air-conditioning and vaulted ceilings. Shared amenities include a private community room, computer lab, swimming and wading pool, three laundry facilities, a children's playground, ample parking and controlled access.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
