Solana at Grand represents TruAmerica’s sixth acquisition in the San Diego market and sixth property it has acquired in 2017. The property is an institutional-quality asset that was purchased at a significant discount to replacement cost. Solana at Grand represents a true value add opportunity as none of the units have been upgraded to date.
TruAmerica plans to renovate all of the interior units with new appliances, cabinet faces, kitchen and bathroom counter tops, faux-wood vinyl flooring, hardware, lighting and plumbing fixtures. Furthermore, TruAmerica plans to upgrade the community amenities and exteriors by upgrading the pool, clubhouse, signage, landscaping, asphalt, and adding a fitness center. Solana at Grand represents TruAmerica’s largest capital improvement program to date.
Solana at Grand is a 519-unit property and the largest property in all of Escondido, CA. The property was built in 1985 and features an attractive unit mix comprised of studios, one-bedroom, and two-bedroom units. All of the units have kitchen appliances, private balconies/patios, and ceiling fans. Solana at Grand also features community amenities that include two pools and spas, tennis courts, a clubhouse, on-site laundry, elevators, and carports.
Solana at Grand is situated in an outstanding location as it is conveniently located across the street from the Walmart-anchored Vineyard Square Shopping Center, one of the major retail centers in Escondido. The property also is served by nearby Highway 78 and Interstate 15, providing easy access to downtown San Diego as well as the coastal communities of Carlsbad and Oceanside.
TruAmerica is well acquainted with the San Diego market as it owns and operates five properties totaling approximately 1,600 units prior to acquiring Solana at Grand. Through TruAmerica’s existing presence in this market, there is the opportunity to achieve synergy through economies of scale and leveraging existing operational experience.
- 2 Pools
- 2 Spas
- 2 Tennis Courts
- On-Site Laundry