Press Release

CBRE Announces the Sale of 84-Unit Apartment Property in San Marcos, CA for $23.3 Million

03 12月 2018

avenue post

San Diego, CA – CBRE announced the sale an 84-unit apartment property in San Marcos, CA to a Colorado real estate investment company for $23.3 million.

Kevin Mulhern and Rachel Parsons represented the seller, Lion Real Estate Group, a private investor, in the transaction. The buyer, Woodspear Properties, is an active investor in the North County market and is continuing to expand their presence throughout the highway 78 corridor.

Located at 506 E. Barham Drive, The Avenue at San Marcos Apartments is a two-story, garden-style complex, totaling 67,280 square feet. The property features a swimming pool and spa, a tennis court, fitness center and gas barbecues. The majority of the units feature two-bedroom, two-bath floor plans.

“This asset sits in a desirable submarket with a lot of growth driven by the close proximity to Cal State San Marcos University,” said Mulhern. “The region is primed for continued future growth and The Avenue will become increasingly valuable over time.”

He added, “There is also opportunity to add value by completing the interior upgrade program and improving the common area amenity package.”

The Avenue is located less than a quarter mile from the Sprinter Light Rail Station and California State University San Marcos, with more than 1,490 employees plus enrollment of over 15,000 students, annually. Additionally, the property is just 3 miles from the new Palomar Medical Center, one of North County’s largest employers with 2,500+ employees. The immediate access to Highway 78 provides connectivity to San Diego’s North corridor.

Lion Real Estate Group, LLC is a real estate investment and development firm based in Los Angeles, California. The firm focuses on acquisitions of value add and opportunistic multifamily  projects around the United States through direct investments in equity and debt secured by real estate. Lion’s current portfolio consists of commercial and residential properties across three states and a total value of over $400,000,000.

According to recent CBRE research, Q3 U.S. multifamily annual demand hit an 18-year high, with demand now outpacing supply. Multifamily acquisition totaled $48.3 billion in the quarter, a 14.2% year-over-year gain with Southern California landing among the top-three metros for multifamily completions in the third quarter. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.