An extensively renovated townhome complex in Escondido has been sold for $7.9 million, an investment firm has announced.
The property, 938 North Fig St., consists of 14 large two-story attached homes with three-bedrooms, two-and-a-half-baths and attached one and two-car garages. It sold for just over $564,000 per unit, the highest price-per-unit for a multifamily building along the state Route 78 corridor in the past year.
The group that sold the site includes Stos Partners, a commercial real estate investment and management firm and multifamily operator Apartment Worth – both headquartered in San Diego – along with an institutional investor.
The transaction marks the sixth multifamily investment the partnership has completed together as it continues to pursue opportunities that align with its investment strategy, focusing on the Southern California and Nashville, Tenn. multifamily markets.
“Through targeted capital improvements and strategic asset management, we enhanced the property’s value significantly, delivering excellent financial returns for our investment partners and continuing our track record of successfully transforming high-quality assets in growth markets,” said CJ Stos, founder and principal at Stos Partners.
Originally built in 1991, the homes offer large floor plans, with units of about 1,200 square feet each that have central air conditioning and heat, back patios, pitched tile roofs and a concrete driveway. There is a fenced and secure gated entrance.
After purchasing the Fig Street site in 2022 for $4.3 million, Stos Partners and Apartment Worth implemented a broad renovation plan. Data at the time, said Jay Boyle, executive vice president at Stos Partners, showed “a significant lack of high-quality three-bedroom townhome-style rentals throughout San Diego County.”
Executive Vice President Peter Scepanovic and Senior Vice President Corey McHenry of Colliers represented Stos Partners and Apartment Worth in the transaction.
