HomeFed Acquires Solona at Grand Multifamily Community in Escondido, California for $167.5M
ESCONDIDO, CALIF. — HomeFed Corp. has purchased Solana at Grand, a 519-unit apartment property, from an undisclosed seller for $167.5 million. Kevin Mulhern of CBRE represented the buyer in the deal.
Located at 1501 E. Grand Ave., Solana at Grand features a mix of studio, one- and two-bedroom layouts with remodeled interiors and patios/balconies. Community amenities include two swimming pools, a fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and laundry facilities.
HomeFed plans to convert the property into middle-income affordable housing through a public-private partnership structure with the California Municipal Finance Authority and the City of Escondido.