A 519-unit apartment complex in Escondido has been sold for $167.5 million, officials said, with plans to convert the community to affordable housing.
A CBRE senior vice president, Kevin Mulhern, facilitated the sale on behalf of the buyer, HomeFed Corporation.
Solana at Grand features studios and one- and two-bedroom units that include remodeled interiors and patios/balconies. Community amenities include two swimming pools, a fitness center, spa with sundeck, clubhouse, tennis court and grilling area.
The complex, located at 1501 E. Grand Ave., is within reach of San Diego Safari Park and Camp Pendleton.
The seller bought the property four years ago and in the interim, completed extensive interior and exterior renovations, including work on the common area and units.
HomeFed has plans to convert the property to middle-income affordable housing with public partners including the city of Escondido.
The corporation, according to Mulhern, will roll back rents to make the property affordable to those making between 61 and 120% of San Diego County’s Area Median Income.
“This is the first deal of this type to close in San Diego County,” he added.