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Apartment on N. Broadway in Escondido sold

Palmas Del Sol, a 24-unit apartment complex at 1132 N. Broadway, Escondido 92026, has been sold for $4.75 million or $197,917 per unit.

The buyers were Kirk Gordon Howard and Diane Lee Howard, trustees of the Howard Family Trust. The acquisition was financed with a loan from Union Bank for $3,562,000. The seller of the property (assessor's parcel 229-050-03) was KMIC LLC, with Juan Pinto Espinosa member.

The buyers were represented by Dave Plutner, broker/owner of DP Properties. The seller was represented by Santiago Orvananos, of Casas Advisors. Escrow services were provided Annemarie LoCoco, of Chicago Title's Park Camino Branch. The 30,130-square-foot apartment consists of 23 three-bedroom/two-bath units and one four-bedroom/two-bath house.

The apartment was 100 percent occupied at sale and sold at a cap rate of 6 percent. The property previously sold in 2009 for $3,875,000. In June 2006, the property sold for $4.85 million. The two-story apartment was built on a 1.64-acre lot in 1987. The property was renovated in 2007 for conversion to condominiums. None of the units were sold. The property still has a recorded condo map.

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