ESCONDIDO, CA—The Tax Credit Group of Marcus & Millichap (TCG), the country’s market leader in Section 42 property sales with nearly $4 billion of LIHTC product closed, has arranged the sale of The Terraces, a 190-unit apartment community located just north of San Diego in Escondido. The sales price of $23,400,000 equates to $123,158 per unit and $146 per square foot.
Jeff Kunitz, a senior director of the Tax Credit Group and Raymond Choi, a vice president investments in Marcus & Millichap’s San Diego office, represented the seller, Escondido Terraces LC with Affirmed Housing Group as its managing general partner. Kunitz also procured the buyer, Avanath Capital Partners LLC. Choi was Marcus & Millichap’s broker of record in California.
“The new owner has taken advantage of an excellent investment opportunity,” says Kunitz. “The Terraces is a Section 42 LIHTC apartment community that is outside of the initial tax credit compliance period. and Affirmed Housing did an excellent job of maintaining a quality apartment community throughout their ownership,” Kunitz adds.
The 159,876-square foot property is located on 12.2 acres at 1301 Morning View Drive in Escondido with easy access to public transportation.
Built in 1995, The Terraces offers residents one-, two-, three- and four-bedroom floor plans. Unit features include private balconies or patios, energy efficient appliances, central air-conditioning and vaulted ceilings. Shared amenities include a private community room, computer lab, swimming and wading pool, three laundry facilities, a children’s playground, ample parking and controlled access.