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Real Estate/Development

Apr. 14, 2016

Juniper Terrace in Escondido sold for $7.7 million

The Bascom Group LLC noted that Escondido's apartment market continues to strengthen as rents increased 6.7 percent from the fourth quarter of 2014 to the fourth quarter of last year.

The 43-unit Juniper Terrace apartments at 1580 South Juniper Street in Escondido were sold for $7.7 million.

The seller is the Kurt A. Wittig Family Trust of Bonita and the buyer is a unit of the Bascom Group LLC of Irvine.

Lending was provided by Manufacturers Bank, and Meridian Capital provided the debt financing. Eric Comer with CBRE brokered the transaction.

Built in 1973, the complex is comprised of units averaging 1,050 square feet with two-car garages. The re...

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