[IMGCAP(2)]The Rancho Las Brisas, at 3699 Barnard Dr. in Oceanside, sold for $16.1 million to Lone Tree Empire LLC of San Francisco, report Steve Huffman and Dick Bassett of the San Diego office of Hendricks & Partners, who were the listing agents for the seller, Terra Las Brisas LLC of Evanston, IL. The complex consists of 11 two-story buildings on 7.24 acres.
The Hendricks brokers note that the units are above average in size, with 68 one-bedroom/one-bathroom units of approximately 815 square feet and 68 two-bedroom/two-bath units of approximately 1,015 square feet.
[IMGCAP(3)]The Windsong Villas, at 1202-1214 N. Broadway in Escondido, sold for $7.7 million to Encinitas-based Windsong Apartment Homes LP, with Huffman and Allen Chitayat, also of the San Diego office of Hendricks, representing the seller, San Diego-based Windsong Villas LP/Consolidated Equity LP. The buyer assumed an existing loan in the amount of $4.9 million.
The University Terrace complex, at 5704-5756 University Ave. in San Diego, sold for $4.5 million at a 7% cap rate to University Terrace, LLC/Montana Golden Hills LLC of Nevada City, CA. The sale was financed through the assumption of an existing Citibank loan of $3.1 million, notes Chitayat, who represented the seller. The buyer was represented by Chuck Zettl of Western Investments.
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