Kidder Mathews has arranged the sale of a 20-unit multifamily community located at 204 Clark St. in Escondido, Calif., for $3.9 million. Gil Lackritz sold the 20-unit community which comprises four one-bedroom, one-bath units and 16 two-bedroom, two-bath units.
Kidder Mathews Senior Vice President Merrick Matricardi, Executive Vice President Jim Neil and Eric Comer represented the buyer, Gordon Reese, a private investor who owns approximately 200 apartment units in the San Diego area.
“The sale of 204 Clark Street was a direct deal with the seller and had not been on the market,” said Matricardi in prepared remarks. “The complex, built in 1989, attracted the buyer because it is a value-add opportunity.”
The San Diego county assessors’ office most recently evaluated the 17,578-square-foot property at $2.3 million. East Washington Avenue, North Broadway and California State Route 78 are easily accessible from the property.
Last year, Kidder Mathews closed the $23.3 million sale of MidTown Center, a multifamily property in Seattle that occupies a full city block.
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