Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Villa Capri, a 98-unit multifamily property in Escondido, Calif., for $19.5 million.
“The property is a well-maintained apartment complex on the 78/15 Corridor where total employment exceeds 283,000,” said Christopher Zorbas, IPA senior managing director. “Average household income within a five-mile radius of the property is $85,524 and the submarket continues to experience solid rent growth as renters migrate north along the I-15 corridor looking for more affordable options.”
Zorbas and Austin Huffman, an investment associate with The Zorbas Group of Marcus & Millichap in the firm’s San Diego office, represented the seller, VCA Company and procured the buyer, 902 Washington.
