Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Villa Capri, a 98-unit multifamily property in Escondido, California. The sales price is $19.5 million.
“The property is a well-maintained apartment complex on the 78/15 Corridor where total employment exceeds 283,000,” said Christopher Zorbas, IPA senior managing director. “Average household income within a five-mile radius of the property is $85,524 and the submarket continues to experience solid rent growth as renters migrate north along the I-15 corridor looking for more affordable options.”
Zorbas and Austin Huffman, an investment associate with The Zorbas Group of Marcus & Millichap in the firm’s San Diego office, represented the seller, VCA Company LLC and procured the buyer, 902 Washington LLC.
Situated near California State Route 78 and Interstate 15, Villa Capri is approximately 30 miles north of downtown San Diego and 18 miles from the Pacific Coast. Nearby retail and dining options along nearby Valley Parkway include Walmart, Vallarta Supermarket, CVS Pharmacy, The Home Depot, IHOP, and Chipotle Mexican Grill. The Escondido Transit Center is two miles away. Completed in 1971, the property is composed of 11 one- and two-story buildings on 4.2 acres.
Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
