Marcus & Millichap (NYSE: MMI) has sold a 1.07-acre parcel of land located in Escondido for $2,790,000, or $59.86 per square foot.
Aaron Bove and Rick Puttkammer, investment specialists in Marcus & Millichap’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The buyer, KIRE Builders, Inc, was procured by Bove. “With all the headwinds in the economy, it is nice to see the people of Escondido will benefit from a quality and affordable housing project,” said Bove.
The asset is located at 1600 South Escondido Boulevard in Escondido, California.
This project is an entitled 48-unit apartment complex consisting of two three-story buildings and a surface parking lot providing 58 parking stalls. The unit mix will consist of thirty two-bedroom/two-bath and eighteen one-bedroom/one-bath units, five of which are very low income.
The construction type is v-a, wood-framed and the proposed floor area is 39,334 square feet.
“It was a pleasure working with Aaron Bove and his team at M&M on this closing,” shared Adam Hutchinson, COO of KIRE Builders, Inc. “KIRE is excited to bring 48 new workforce housing opportunities to the City of Escondido.”