San Diego, Calif. – December 2 nd , 2021 – CBRE has negotiated the sale of Solana at Grand, a 519-unit apartment community in Escondido, Calif., for $167.5 million.
CBRE’s Kevin Mulhern facilitated the transaction on behalf of the buyer, HomeFed Corporation.
Solana at Grand features studio, one- and two-bedroom units that include remodeled interiors and patios/balconies. Community amenities include two swimming pools, fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and laundry facilities.
The community is located at 1501 E. Grand Ave., with proximity to San Diego Safari Park and Camp Pendleton.
CBRE sold the property to the seller in July 2017. The seller completed an extensive interior and exterior renovation to the property, including common area and unit renovations. HomeFed Corporation has plans to convert the property to middle-income affordable housing through a JPA structure with CMFA and the City of Escondido.
“HomeFed Corporation will roll back rents to keep the property affordable to middle-income residents making between 61 and 120 percent of San Diego County Area Median Income (AMI) creating and preserving true workforce housing,” said CBRE’s Mulhern. “This is the first deal of this type to close in San Diego County with more deals likely to follow.”
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 2020 revenue). The company has more than 100,000 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.
