The 67-unit Windsong Villas complex, at 1202-1214 N. Broadway, Escondido 92026, has been sold for $9.9 million.
The acquisition included the $5,150,600 balance of a December 2010 loan originally for $5,262,000. The original lender was Deutsche Bank Berkshire Mortgage Inc.
The note is currently held by Fannie Mae.
The buyers were Florida Manor Associates Limited Partnership L.P. (76 percent) and Christy Del Mar LLC (24 percent), 2037 Christy Lane, Del Mar 92014.
The Clause Family Trust, with John J. Claus as trustee, is the general partner of Florida Manor. Claus is also manager of Christy Del Mar.
The seller of the property (assessor's parcel 229-040-11) was Windsong Apartment Homes LP. The general partners of the seller are Jocelyn Chase, John Dana Chase Jr., Pellegrino Ficara and Rachel Mullin, aka Rachel Ficara.
The one- and two-story complex totals 67,508 square feet of residential space, consisting of 19 two-bedroom/one-bathroom units and 48 three-bedroom/two-bathroom units. The apartment was constructed in 1970 on 4.62 acres.
In December 2009, the property was sold for approximately $7.7 million, including the $4.9 million balance of a November 2002 loan originally for $5.5 million.
The seller in that transaction was a limited partnership, with Joseph Daneshgar and Mark Gleiberman as general partners.