ENCINITAS, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Encinitas Terrace Senior Apartments, a 102-unit complex for tenants age 55 and older in Encinitas. The seller was Jones-Brogan 2011 Charitable Remainder Trust, and the buyer was Property West Residential. The sales price was not disclosed.
Built in 1987, Encinitas Terrace Senior Apartments is an eight-building, two-and three-story community with a heated swimming pool, adjacent shuffleboard court, two gazebos and a clubhouse with a full kitchen. The unit mix features 98 one-bedroom apartments with open floor plans, dishwashers and private patios; three studios; and a two-bedroom manager’s unit.
The property is located one mile from Moonlight State Beach and the San Diego Botanical Gardens. There are three shopping centers and a commuter rail station within walking distance. McClellan-Palomar Airport and Amtrak’s Pacific Surfliner are within a short drive. Downtown San Diego is about 25 miles south of the property.
Encinitas is a high barrier-to-entry market with only 13 multifamily properties over 100 units, according to Carson Trujillo, first vice president of investments with Marcus & Millichap.
“The purchase provides our buyer with the potential for substantial returns through thoughtful management and interior and exterior enhancements,” says Chris Zorbas, IPA executive managing director of investments.
IPA’s Kyle Pinkalla and Alexander Garcia Jr., along with Trujillo and Zorbas, represented the seller and procured the buyer in the transaction.