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Stratford Partners and LLJ buy 189-unit Escondido apartments for $34M
The $33.6 million purchase is about $178,000 per unit, as Escondido home prices have risen 19 percent since 2021, supporting rental demand.
Commercial Observer reports that a joint venture between Stratford Partners and LLJ acquired Pacifica Palms Apartments, a gated 189-unit complex in northern San Diego County, in Escondido.
The deal price was $33.6 million for the property at 1861 East Washington Avenue, according to Institutional Property Advisors, a division of Marcus & Millichap. That equates to roughly $178,000 per unit, based on the unit count.
PropertyShark records cited by Commercial Observer show that Pacifica Palms LLC, run by David J. Snodgrass and Barbara Snodgrass, sold the asset. The complex includes 20 buildings spread across 8 acres and is about 2.5 miles from Downtown Escondido, with the development completed more than 60 years ago.
In comments included in the coverage, Institutional Property Advisors’ Chris Zorbas said the Escondido submarket has seen limited availability of multifamily assets of this size. Co-representative Alexander Garcia Jr. pointed to a widening cost gap between renting and owning, noting Escondido home prices have increased 19 percent since 2021, while Marcus & Millichap data cited shows San Diego multifamily vacancy at 4.2 percent earlier this year and average effective rents of $2,832 per month. The outlet also said deal flow improved by 25 percent during the 12 months ending in March.