519-Unit Complex Sells for $90M
TruAmerica Multifamily and partner Allstate acquired the 519-unit Eagles Point Apartments in Escondido, CA for approximately $90 million from Conrad Prebys Trust of San Diego. The Los Angeles buyer views the acquisition as value-add, and plans a significant capital investment to improve the property.
Located 1501 E. Grand Ave., Eagles Point delivered in 1986, and reportedly has not been updated since it came to market. “The property has great infrastructure, but lacked the reinvestment to make it relevant in today’s market,” said TruAmerica’s Greg Campbell.
The seller was represented by Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE. A team led by CBRE’s Troy Tegeler arranged project financing on behalf of the buyer through Fannie Mae.
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