Subsidiaria de Santa Jacinto LLC Acquires Sage Apartments in Escondido for $34.7 Million
Subsidiaria de Santa Jacinto LLC purchases 137-unit multifamily property in Escondido from Clear Sky Escondido LP for $34.7 million.
Subsidiaria de Santa Jacinto LLC has acquired the Sage Apartments in Escondido, a 137-unit multifamily property, from Clear Sky Escondido LP for 34.7 million. The property is located at 1920 and 1960 E. Grand Ave in Escondido and spans 86,748 square feet. The purchase price equates to 253,285 per unit or $400 per square foot.
The Sage Apartments were built in 1975 and consist of 11 two-story buildings on a 4.5-acre site. The property features a mix of one-, two-, and three-bedroom units, with an average unit size of 634 square feet. Amenities include a swimming pool, spa, fitness center, and laundry facilities.
The buyer, Subsidiaria de Santa Jacinto LLC, is a real estate investment firm based in Santa Ana, California. The seller, Clear Sky Escondido LP, is a real estate investment firm based in San Diego, California.
The deal was brokered by Peter Scepanovic and Corey McHenry of Colliers International San Diego Multifamily Advisory Group. Colliers International is a global real estate services and investment management company with operations in 68 countries.
According to Peter Scepanovic, the Sage Apartments presented a rare opportunity to acquire a well-maintained, value-add property in a strong rental market. Escondido is a growing city with a population of over 150,000 and a median household income of $62,000. The city has a diverse economy with major employers in healthcare, education, and manufacturing.
Corey McHenry added that the Sage Apartments are located in a desirable area of Escondido, with easy access to major freeways and public transportation. The property is also close to shopping, dining, and entertainment options.
The acquisition of the Sage Apartments is the latest in a series of multifamily deals in the San Diego area. According to a report by Marcus & Millichap, San Diego’s multifamily market is expected to remain strong in 2020, with steady demand and limited new supply driving rent growth and investor interest. The report notes that the city’s job growth and high quality of life are major factors contributing to the strength of the market.