Campbell: We look at Escondido as a very attractive submarket for value-add, workforce housing, which is where we focus our efforts as a company. Our intent is to find undercapitalized properties, like Eagles Point, and bring them to a market level through the investment of exterior and interior renovation capital.

GlobeSt.com: How do you see this market growing, and what are the drivers for growth here?

Campbell: We see steady growth for both Escondido and San Diego overall. The climate and lifestyle continues to attract workers and employers, and the economy is diverse. Technology, healthcare and financial services continue to drive growth, in addition to the defense spending that has been a long-term staple of the local economy.

GlobeSt.com: Which other San Diego markets are you eyeing?

Campbell: We continue to be attracted to the job-centric submarkets, like the 78 corridor in North County, the coastal communities and the 8 corridor in the south, among others. We want to pursue multifamily acquisitions in relatively close proximity to employment centers with retail and lifestyle options close by.

GlobeSt.com: What else should our reads know about this investment?

Campbell: While we are excited about the transformation of Eagles Point, now known as Solana on Grand, over the next few years, we are cognizant that renovating one of the largest single complexes in the county will take a lot of coordination with local officials and experts. We look forward to being a part of the Escondido community for many years to come.

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ESCONDIDO, CA—With many apartment properties ripe for redevelopment in this submarket, TruAmerica Multifamily has made a $90-million buy and “looks forward to being a part of the Escondido community for many years to come,” senior managing director Greg Campbell tells GlobeSt.com.

As we previously reported, the firm recently partnered with Allstate to purchase Eagles Point Apartment Community, the company's largest investment in the San Diego market, which fits its guidelines for communities with strong job centers. TruAmerica plans to invest significant capital to improve the property, as well, with a renovation plan—the largest in company history—that includes refurbishing all interior units and upgrading the property's two pools and spas, tennis courts, and clubhouse. Plans also call for a new fitness center to be incorporated in the existing clubhouse.

We spoke with Campbell about the firm's strategy in this market, the drivers for growth here and other San Diego submarkets the firm is eyeing.