Affordable housing developer
1600 Escondido Blvd. Photo credit: Courtesy, Marcus & Millichap

A one-acre parcel of land in Escondido has been sold for $2.79 million, or $59.86 per square foot, according to a real estate brokerage.

Aaron Bove and Rick Puttkammer, investment specialists in Marcus & Millichap’s San Diego Del Mar office, represented the seller, a limited liability company. The buyer, KIRE Builders, Inc., of Scripps Ranch, was procured by Bove.

Bove said the site is slated for “a quality and affordable housing project.”

The project, at 1600 Escondido Blvd., is set for a 48-unit apartment complex consisting of two three-story buildings and a surface parking lot with 58 stalls.

The unit mix includes 30 two-bedroom/two-bath and 18 one-bedroom/one-bath units, five of which are very low income. The construction type is wood-framed and the proposed floor area is 39,334 square-feet.

“It was a pleasure working with Aaron Bove and his team at M&M on this closing,” said Adam Hutchinson, a KIRE Builders executive. “KIRE is excited to bring 48 new workforce housing opportunities to the city of Escondido.”

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.