SAN DIEGO, February 28, 2019
ACI Apartments, Inc. is pleased to announce the recent sale of a legacy portfolio consisting of 39 multifamily units, located within the city of Escondido in Northern San Diego County. The assets consist of The Juniper Apartments, a 27-unit building situated on a 1.82 acre lot at 1550-1568 S. Juniper Street and The Sunset Apartments, a 12 unit building situated on a 36,590 square foot lot at 205 W. Vermont Ave. The portfolio was sold by G & Y Properties LLC for $8,150,000.
The seller was represented by Keith Courtney of ACI Apartments. G & Y Properties, LLC (The Gallagher Family) built The Sunset Apartment’s in the early 1970’s and have owned The Juniper Apartments for over 25 years. Keith Courtney says, “several members of the Gallagher family were very involved in the construction and operations of these well maintained properties over the many years of their ownership, so it’s nice to see these buildings being sold to a buyer that will continue the legacy of providing quality housing that the seller has established”. The buyer of the portfolio, Dan Feder with F&F Properties was represented by Nick Zalkow also of ACI Apartments. “The buyer was attracted to the Value-Add opportunity that these two properties provide as well as the solid rental growth that North County continues to experience” explained buyer agent Nick Zalkow.
The Juniper Apartments consist of 11 separate structures with a mixture of 1 & 2 bedroom floorplans and 5 single family cottage units. The Sunset Apartments consists of all 2-bedroom floor plans on a large lot giving all residents 2 reserved parking spaces. Located in the high rental demand area of Escondido, both assets have access to renowned retail, restaurants and services in the area.
About ACI Apartments
ACI Apartments is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI Apartments has closed more San Diego County income property escrows than any other firm in the county – that’s more properties than the number two and number three firms combined. Please visit us online at www.aciapartments.com