December 5, 2018
The Avenue at San Marcos, an 84-unit multifamily property in San Marcos, CA, was acquired by Colorado-based Woodspear Properties for $23.3 million. The seller was Los Angeles-based Lion Real Estate Group.
Located at 506 E. Barham Dr., the two-story, garden-style complex totals 67,280 square feet. The property features a swimming pool and spa, a tennis court, fitness center and gas barbeques.
CBRE’s Kevin Mulhern and Rachel Parsons represented the seller. The buyer is an active investor in the North County market, and is continuing to expand its presence throughout the Highway 78 corridor.
Mulhern says, “This asset sits in a desirable submarket with a lot of growth driven by the close proximity to Cal State San Marcos University. The region is primed for continued future growth, and The Avenue will become increasingly valuable over time. There is also opportunity to add value by completing the interior upgrade program and improving the common area amenity package.”
For comments, questions or concerns, please contact Dennis Kaiser