SAN DIEGO, CA - Colliers International San Diego Region announces the sale of the Sage Apartments, a 137-unit multifamily property located in North San Diego County’s Escondido for $34,700,000 or $253,285/per unit.
Clear Sky Escondido, LP sold the property with representation by Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multi-Family Advisory Group. Subsidiaria de Santa Jacinto, LLC was the buyer.
The total 86,748 square foot property is comprised of primarily one-bedroom and two-bedroom units and located at 1920 and 1960 E. Grand Avenue, Escondido, CA. Over the past three years, the seller made many interior and exterior upgrades to the 1970’s construction property. The new owner plans to continue the process of updating the property.
“During a currently difficult time in the market, our team is both grateful and proud to close this sale by collaboratively working with all parties involved,” said Peter Scepanovic of Colliers International San Diego Region. “With the property’s ideal location in the growing Escondido community, the Sage Apartments will continue to be a strong investment with positive future potential for the new ownership as it has been for the seller.”
About Colliers International: Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.