Grandon Village, a 161-unit, age-restricted apartment property in San Marcos, CA, traded for $30.2 million to 1996 Maple Ave. LP. The seller was Grandon Village LP, which originally developed the 113,366-square-foot community in 2004.
Grandon Village units, which are restricted to residents aged 55 and older, average 897 square feet. The property was 100% occupied at the time of sale and usually has a long waiting list, according to Marty Cohan, senior vice president of investments in Marcus & Millichap’s West Los Angeles office. Cohan represented the seller in the deal.
“The property’s high occupancy can be attributed, at least in part, to a great location near retail and transportation in a submarket where demand for affordable age-restricted housing is dramatic,” Cohan added.
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