Christopher Zorbas, a first vice president investments in the San Diego office of Marcus & Millichap (NYSE: MMI) and David Sperling, an associate also in the San Diego office, represented the sellers in the Deal of the Week.
The deal was the sale of Tanglewood Apartment Homes, a 96-unit, garden-style apartment complex at 1920 E. Grand Ave., Escondido, for $10,875,000, or $113,000 per unit.
The buyer was Vista International Inc., 3160 Camino Del Rio South, Suite 118, San Diego 92108. Dominick Veliko-Shapko is the president and secretary of Vista.
The acquisition was financed with a loan of $8,156,250 from First Foundation Bank in Irvine.
The sellers of the property (assessor's parcel 231-060-80) were Mark Schmidt, trustee of the Mark S. Schmidt Living Trust (50 percent) and Christine Handley (50 percent).
Prior to the sale, title to the property was held by Chrismark LLC, of which Schmidt and Handley were the managing members.
The approximately 53,898-square-foot apartment was constructed in 1975 on 3.89 acres.
Units at Tanglewood have private patios. Community amenities include a gated swimming pool and spa, a tennis court, a clubhouse with a pool table and kitchen area, covered and open parking, two laundry facilities and courtyard areas.