JV Acquires Value-Add Escondido Multifamily

Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the company’s institutional clients, closed the sale of Pacifica Palms Apartments, a 189-unit multifamily property in Escondido. The purchase price was $33.6 million.

“The Escondido submarket has seen limited availability of multifamily assets of this size, making Pacifica Palms a rare, large value-add investment opportunity in a supply-constrained market,” said Chris Zorbas, IPA executive managing director.

Zorbas and IPA executive managing director Alexander Garcia, Jr., represented the seller, Pacifica Palms LLC, and procured the buyer, a joint venture between Stratford Partners and LLJ.

“Escondido continues to grow and home prices have increased 19% since 2021,” said Garcia. “The disparity between monthly living expenses for renting vs. owning should sustain low vacancy and place upward pressure on Escondido’s rental prices for the foreseeable future.”

Built in 1965, Pacifica Palms Apartments is a gated-entry, 20-building property with a children’s playground and picnic park, laundry facilities and open parking spaces.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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