Deal of the Week

 

September 2, 2014

October 24, 2014


Alta Vista apartment in Escondido sold

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

The deal was the sale of the 102-unit Alta Vista apartment complex at 1245 Morning View Drive, Escondido, for $23.8 million.

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

The seller of the property 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.

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.


 

September 2, 2014

October 24, 2014