Institutional Property Advisors Closes Seniors Housing Asset Sale in San Diego County
September 30, 2024
ENCINITAS, Calif., Sept. 30, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Encinitas Terrace Senior Apartments, a 102-unit apartment property for tenants 55 and older.
“Encinitas is a high barrier-to-entry market with just 13 multifamily properties over 100 units,” said Carson Trujillo, first vice president investments with Marcus & Millichap. “We executed a strategic marketing campaign that led to multiple competing offers and a quick closing for the seller.” “The purchase provides our buyer with the potential for substantial returns through thoughtful management and interior and exterior enhancements,” said Chris Zorbas, IPA executive managing director investments.” Trujillo, Zorbas, and IPA’s Kyle Pinkalla and Alexander Garcia Jr. represented the seller, Jones-Brogan 2011 Charitable Remainder Trust and procured the buyer, Property West Residential.
The property is one mile from Moonlight State Beach and the San Diego Botanical Gardens. There are three shopping centers and a commuter rail station within walking distance. McClellan-Palomar Airport and access to Amtrak’s Pacific Surfliner are within a short drive, Downtown San Diego is 25 miles from the property.
Built in 1987, Encinitas Terrace Senior Apartments is an eight-building, two-and three-story community with a heated swimming pool, adjacent shuffleboard court, two gazebos, and a clubhouse with a full kitchen. The unit mix is one two-bedroom manager’s unit, three studios and 98 one-bedroom apartments with open floor plans, dishwashers, and private patios.
“Encinitas is a high barrier-to-entry market with just 13 multifamily properties over 100 units,” said Carson Trujillo, first vice president investments with Marcus & Millichap. “We executed a strategic marketing campaign that led to multiple competing offers and a quick closing for the seller.” “The purchase provides our buyer with the potential for substantial returns through thoughtful management and interior and exterior enhancements,” said Chris Zorbas, IPA executive managing director investments.” Trujillo, Zorbas, and IPA’s Kyle Pinkalla and Alexander Garcia Jr. represented the seller, Jones-Brogan 2011 Charitable Remainder Trust and procured the buyer, Property West Residential.
The property is one mile from Moonlight State Beach and the San Diego Botanical Gardens. There are three shopping centers and a commuter rail station within walking distance. McClellan-Palomar Airport and access to Amtrak’s Pacific Surfliner are within a short drive, Downtown San Diego is 25 miles from the property.
Built in 1987, Encinitas Terrace Senior Apartments is an eight-building, two-and three-story community with a heated swimming pool, adjacent shuffleboard court, two gazebos, and a clubhouse with a full kitchen. The unit mix is one two-bedroom manager’s unit, three studios and 98 one-bedroom apartments with open floor plans, dishwashers, and private patios.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.