California + San Diego + Apartments | December 5, 2022

Escondido Multifamily Property Changes Hands for $86M

ColRich has purchased El Norte Villas, a 236-unit, garden-style apartment complex in Escondido, CA. Walker & Dunlop, representing the seller GW Williams, arranged the $86 million transaction.

“This was the first time this asset had been on the market in nearly 20 years, and an excellent opportunity to acquire an institutionally sized, very well-maintained asset with upside in one of San Diego’s premier I-15 Corridor submarkets,” said Hunter Combs, managing director in Walker & Dunlop’s San Diego office. Combs arranged the deal and the firm’s Mark Grace and John Montakab also secured financing for the buyer.

The 36-year-old, nicely-maintained property is situated at 1051 W El Norte Pkwy, and provides new ownership the opportunity to continue the renovation plan of upgrading unit interiors and amenities. The Escondido location, just off Interstate 15, provides an easy 25 minute drive to the Pacific Ocean and is only 33 miles from Downtown San Diego.

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Inside The Story

Walker & Dunlop's Hunter CombsColRichGW Williams

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.