2 Age-Restricted Apartment Properties in Southern Calif. Sell for $162.5Mln
March 12th, 2026
An investor group led by Eagle Partners has paid $162.5 million for two neighboring agerestricted apartment properties with 551 units in Escondido, Calif., a northern suburb of San Diego.
Eagle Partners, of San Francisco, acquired the properties from a venture of MG Properties and Intercontinental Real Estate Corp.
The rest of the buying group is comprised of Red Stone Equity Partners and JPMorgan Chase, both of New York; California Statewide Communities Development Authority; and Affordable Housing Access of Newport Beach, Calif.
The group paid $94.7 million, or $420,888/unit, for the 225-unit Hendrix Apartments at 439 West El Norte Parkway; and $67.8 million, or $207,975/unit, for the 326-unit Hadley Apartments at 1045 Morning View Drive.
The two properties are next to each other and have one- and two- bedroom units that are reserved for residents age 55 years and older. Units at the two are classified as affordable.
Source: Commercial Real Estate Direct