(Read more on the multifamily market.)
ESCONDIDO, CA-Denver-based Aimco has acquired a 118-unitgarden-style apartment complex called the Acres from SanDiego-based MG Properties for $19.3 million in a transactionbrokered by the Costa Mesa office of Chicago-based Moran & Co.Tom Moran Jr., who represented the seller, says that the complexcomes with substantial development potential, with condo unitsalready approved for the site.
Moran explains that the Acres, which is at 1575 Tanglewood Lane,is situated on a 13.8-acre site that is built out to a very lowdensity at 8.6 units per acre. Moran points out that the density iswell below that of most multifamily developments.
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