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Alta Vista apartment in Escondido sells

The 102-unit Alta Vista apartment complex at 1245 Morning View Drive, Escondido 92026, has been sold for $23.8 million.

The buyer was SRGMF Morning View Escondido LLC, c/o Sares-Regis Group, 18802 Bardeen Ave., Irvine 92612, Attn.: Bill Montgomery. The acquisition was financed with a loan of $17,263,000 from City National Bank.

The seller of the property (assessor's parcel 228-073-26) was Bouwfonds Alta Vista LP, with Bouwfonds Alta Vista GP LLC as the general partner.

FFI GP Inc. is the manager of the general partner and Gino Barra is vice president of FFI GP.

Edward Rosen, John Chu, Kyle Pinkalla and Tyler Sinks, of Cushman & Wakefield represented both parties.

The apartment complex consists of 76 two-bedroom/two-bath units, 24 one-bedroom units and two three-bedroom/three bath units, for a total square footage of 97,728. Units include terraces and balconies. The property also includes a pool, business center and fitness club.

The complex was constructed in 2001 on an 8.47-acre lot.

The property was sold in February 2007 for $22.2 million, with financing of $13,408,000, and in March 2002 for $14.36 million.

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