Newly-Built Multifamily Complex Sells for $25M in Escondido
City Plaza, a four-year-old, 56-unit apartment building has been sold by Escondido Apartments Investment LLC for $25 million or $446,000 per unit. Colliers’ Peter Scepanovic and Corey McHenry represented the buyer, Providence City Plaza Apartments II LLC.
The complex is located at 300 S. Escondido Blvd. in Escondido, CA just blocks away from the downtown area and along the Interstate 78 corridor in North San Diego County. The mixed-use property features one- and two-bedroom units above the first floor commercial space and includes subterranean parking.
City Plaza is located within walking distance of several restaurants, and close to public transit, schools, parks and retail as well. Escondido has quickly become one of San Diego’s popular move-in submarkets, as it remains accessible to all income levels.
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.