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Deal of the Week - Sale

Prebys acquires Palmilla

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The CBRE (NYSE: CBG) Multi-Housing team of Dixie Hall, Rachel Parsons and Kevin Mulhern represented the buyer in the Deal of the Week.

The deal was the sale of the 190-unit Palmilla apartments at 740-786 and 825-829 E. Mission Ave., Escondido for $25.65 million.

The buyer was the Conrad Prebys Trust with Conrad Prebys as trustee, c/o Progress Construction Co. Inc., with offices in Pacific Beach on Ingraham.

That acquisition was financed with a $20.52 million loan from Union Bank.

The seller was Escondido MV/MB LLC, with PCCP/FPA Escondido Acquisitions LLC its sole member. Michael B. Earl is the manager of PCCP/FPA.

The approximately 190,040-square-foot complex was built in 1973 on 8.98 acres and offers one-, two- and three-bedroom floor plans with patios or balconies

The property features three swimming pools, a spa, fitness center and clubhouse, and covered parking.

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