9/5/2007

Strata Equity sells Calif. apartment complex for $10.4 million

by

The Grand Rose Apartments

Lexi Management LLC and Jogar LLC purchased the 74,500 square foot Grand Rose Apartments in Escondido, Calif., for $10.4 million from the Strata Equity Group.

Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis' San Diego Multi-Housing Group represented Strata. Michael Sun of Irvine, Calif.-based Peninsula Real Estate Investment Brokerage represented the buyers.

The 108-unit multi-family complex is a single-story community located at 1601-1649 E. Grand Ave.

The property sits on 6.15 acres and was constructed in 1964.

Strata plans on upgrading the complex over the next year.

The Strata Equity Group is a privately held and managed real estate investment and development company in San Diego, Calif.

CB Richard Ellis' San Diego Multi-Housing Group is a full-service brokerage team that specializes in sales and development.

Peninsula Real Estate Investment Brokerage is a real estate brokerage and investment company.

Address: 1601-1649 E. Grand Ave., Escondido, Calif.

Size: 74,500 square feet

Built: 1964

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Filed Under: Multi-Family

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