The affordable 190-unit Terraces Apartments, at 1301 Morning View Drive in Escondido 92026, has been sold for $23.4 million.
The buyer was Avanath Escondido LP, c/o Avanath Capital Management LLC, 2211 Michelson Drive, Suite 830, Irvine 92612.
The administrative general partner of the buyer is Avanath Escondido GP LLC, and the managing general partner is COR Community Development Corp. Ron Juskiewiez is chief financial officer of Avanath Capital, and Rev. Mark E. Whitlock Jr. is president of COR. The acquisition was financed with a loan of $14.04 million from Wells Fargo Bank.
The seller of the property (assessor's parcel 226-211-05) was Escondido Terraces L.P., with Affirmed Housing Group Inc. and The Richmond Group of California LLC as general partners. James Silverwood is the president of Affirmed Housing, and David Salzman is the executive vice president of Richmond Group.
The 81,057-square-foot apartments consist of one, two, three and four-bedroom units ranging from 606 to 1,263 square feet. The apartment was constructed in 1996 on a 5.03-acre lot. Amenities at the garden low-rise property include a "tot lot," business center, basketball court, pool, spa, a community room, three laundry rooms and covered parking.