Wasatch Advantage Group of Mission Viejo has purchased the 161-unit Village Grove Apartments in Escondido for $15.7 million, according to a statement from brokerage firm CBRE, which represented the buyer.
The seller was MG Properties Group of San Diego, which represented itself. CBRE Senior Vice President Jim Neil said Wasatch Advantage plans to secure tax credits and operate the property with affordable rent restrictions.
Village Grove was built in 1987 on 3.81 acres at 660 N. Quince St. and was 97 percent occupied at the time of sale.
Wasatch Advantage Group maintains a real estate portfolio of more than $1 billion, including approximately 6,500 multifamily units. It has acquired or developed more than 30 residential communities in the Western United States since 2004, the statement said.
— SDBJ Staff Report