A San Marcos apartment complex has been sold for $30.2 million.
Built in 2004, the 113,366 square-foot Grandon Village has 161 apartments which are restricted to people aged 55 and over.
Apartments average 897 square feet in size, according to CoStar, a real estate listing service.
The complex was sold by Grandon Village, LP, the original developer of the property.
The buyer was listed by CoStar as 1996 Maple Ave., LP.
“The complex was 100 percent occupied at the time of the sale and historically has a long waiting list,” said Marty Cohan, senior vice president of investments in Marcus & Millichap’s West Los Angeles office. Cohan represented Grandon Village, LP in the sale.
“The property’s high occupancy can be attributed, at least in part, to a great location near retail and transportation in a submarket where demand for affordable age-restricted housing is dramatic,” Cohan said.