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SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave.
Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse.
CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.