Marcus & Millichap Brokers $30.2M Sale of Affordable Community in Southern California

SAN MARCOS, Calif. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego.

The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit.

The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.