Stratford Partners JV Acquires 189-Unit Escondido Complex for $33.6M

A joint venture formed by Stratford Partners and LLJ has acquired Pacifica Palms Apartments in Escondido, California, for $33.6 million. Located at 1861 East Washington Avenue, the 189-unit garden-style complex traded at approximately $178,000 per unit. Institutional Property Advisors, a Marcus & Millichap division, represented the sellers, David J. and Barbara Snodgrass of Pacifica Palms LLC, while also procuring the buyer.

Built more than 60 years ago, the gated development comprises 20 residential buildings situated across an eight-acre site roughly 2.5 miles from Downtown Escondido. The transaction offers the buyers a large-scale value-add opportunity in a historically tight North County submarket where sizable multifamily communities rarely come to market.

Brokers noted that local home prices have climbed 19 percent since 2021, widening the financial disparity between homeownership and renting. Regional market data reflects a 4.2 percent apartment vacancy rate and an average monthly effective rent of $2,832 across San Diego County.

For multifamily investors and lenders, the deal demonstrates steady institutional demand for older, value-add workforce housing in supply-constrained Southern California infill pockets.