SAN DIEGO—CBRE San Diego hasarranged the acquisition of Village Grove Apartments in Escondido for $15.7 million. Located at 660 North Quince Street, the 161-unit property was 97 percent occupied at the time of sale.
The CBRE San Diego multifamily team of Jim Neil, Eric Comer and Merrick Matricardi made the deal.
Built on 3.81 acres in 1987, Village Grove Apartments consists of eight two-story buildings totaling 96,000 square feet. The gated community has a mix of 160 one-bedroom units and 1 two-bedroom unit and features a swimming pool, clubhouse and private yards and patios.
Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego represented the buyer, Wasatch Advantage Group, LLC. The seller, MG Properties Group, represented itself. According to Neil, Wasatch Advantage Group plans to secure tax credits and operate the property with affordable rent restrictions.
“As the San Diego multifamily market continues to enjoy strong fundamentals and investor demand, tax credit deals become even more difficult to execute,” said Jim Neil. “Wasatch Advantage Group employed a unique capital structure and approach that made this deal possible in a difficult environment for most tax credit buyers.”
Based in Mission Viejo, CA, Wasatch Advantage Group has acquired or developed over 30 residential communities in the western United States since 2004 with approximately 6,500 multifamily units and maintains a real estate portfolio in excess of $1.0 billion.
“Village Grove Apartments was an excellent opportunity to invest in the San Diego North County multifamily market and provide affordable housing to the community,” said Tony Hladek of Wasatch Advantage Group.
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