Newmark arranged the sale of Grandview Escondido, a 13,421-square-foot, 15-unit multifamily property located at 1316 E Grand Ave., in Escondido. The transaction, valued at $7,225,000, marks the second-highest price per unit ever achieved in Escondido, according to Newmark.
Senior managing director Erik Anderson and associate Tanner Harris represented the seller, La Caze Development. The buyer was a local high-net-worth individual, represented by Andy Brikho of Brik Home Loans.
“Grandview Escondido commanded rents and a basis significantly higher than comparable properties in the market,” said Anderson. “The exceptional quality of the project and La Caze Development’s meticulous execution validated the strong rental rates, making this a compelling opportunity for the buyer.”
The newly constructed, fully occupied multifamily property features high-end finishes, including quartz countertops, hardwood LVP flooring, soft-close cabinetry and dimmable LED lighting. It is proximate to high-quality retail amenities and transportation corridors, including Interstate 15 and Highway 78.
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