1970s-Built Multifamily Asset Comes to Market in San Diego County
ESCONDIDO, Calif., Sept. 4, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces it has been selected to exclusively market for sale Villa Capri, a 98-unit multifamily property in Escondido, California. The price is $21.2 million.
“Built in 1971, Villa Capri is a true value-add opportunity that has been well-maintained and is being offered free of debt,” says Christopher Zorbas, IPA senior managing director. “The average annual household income within a five-mile radius of the property is $85,524.”
Zorbas and Austin Huffman, an associate in Marcus & Millichap’s San Diego office, are representing the seller.
Villa Capri is located at 902-926 East Washington Avenue in Escondido, near Interstate 15 and California State Route 78, approximately 30 miles north of downtown San Diego. Situated on 4.2 acres, the property is composed of 11 one- and two-story buildings. The unit mix is one studio, 75 one-bedroom/one-bath apartments, 16 two-bedroom/one-bath units, and six two-bedroom/two-bath apartments. Retailers and restaurants along nearby Valley Parkway include Walmart, Vallarta Supermarket, CVS, Home Depot, IHOP, and Chipotle, among others.
Escondido is located along the 78 Corridor, a diverse cluster of industries that spans five cities in the North County region of San Diego County. Total employment along the corridor exceeds 283,000 and the area is home to employers such as Viasat Inc., Watkins Manufacturing Co., OptumRx Inc. and Genentech. Escondido’s attractions include the Westfield North County shopping mall, a charming downtown, and San Diego Zoo Safari Park.