Latitude 33, the very visible 198- unit apartment located at 439 W. Washington Ave., and 515 Meander Glen in Escondido has been purchased for $58.5 million according to the San Diego Daily Transcript.
The purchaser is Latitude Del LLC, based in San Diego. The purchase, according to the Transcript, was financed with a $41 million loan from Wells Fargo Bank. The sellers were Escondido Venue LLC and Escondido Paramount LLC.
Latitude 33 was Escondido’s very first upscale downtown residential development. When it was built it was hailed by Mayor Sam Abed as, “[T]he foundation of urban living. It’s exciting, it’s desirable, everybody’s talking about it.” The development is within five minutes of the California Center for the Arts, Escondido and to the city’s only movie theater.
The property where it was built was known for several years as the place where a huge 2007 fire had destroyed a housing development, the Paramount, that D.R. Horton had been building. The following year the land was purchased by Lyon Communities, which announced that it would be building a luxury rental community known as Latitude 33 in a five-story condo community. The development was built in 2012, with 82 midrise units and 116 townhouses.
Unlike most residential developments in the city, Latitude has two fitness rooms, e-business centers, a high tech conference center, a spa for pets and a game room.
Abed and the city council have said that they would like to attract other, similar upscale developments to the city’s center.