(To read more on the multifamily market, click here.)
ESCONDIDO, CA-Alta Vista, a 102-unit apartment community, waspurchased by San Diego-based Farfield Residential LLC for $22million, or, for $215,686 per unit. The price set a record forEscondido and the north Interstate 15 and east Highway 78corridors.
The sale, brokered by the West Coast office of Moran & Co.,hit a record level, Moran experts say, because condo conversionsremoved more than 4,900 rental units from the I-15 Corridor, whichstretches from Escondido in the north to Scripps Ranch in thesouth, over the past three years. In the Escondido submarket,nearly all of the apartment inventory was constructed before 1990;and Alta Vista, built in 2000, is one of the area's only newerluxury apartment options, which may explain why the complex was 95%occupied at the time of sale.
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