SoCal Asset Sells for $20M
Institutional Property Advisors, a division of Marcus & Millichap, has represented SHS Development Corp. in the $19.5 million sale of Villa Capri, a 98-unit community in Escondido, Calif. The buyer, a California-based investor, has financed the acquisition through a $14.8 million, five-year loan from Aetna Life Insurance Co., according to Yardi Matrix data.
Located at 912 E. Washington Ave., Villa Capri consists of one- and two-bedroom apartments in two-story buildings. Amenities include a pool and a spa. Built in 1971 on 4.2 acres, the community is situated near many retail and dining options. Villa Capri offers easy access to Interstate 15 and California State Route 78 and is less than 35 miles away from downtown San Diego. The asset was fully leased as of January, per Yardi data.