SAN DIEGO, CA – Ascenda Capital, in partnership with the California Municipal Finance Authority (CMFA), closed on the $97 million acquisition of Latitude33 Apartments, a 198-unit apartment community located in downtown Escondido, CA. Ascenda Capital will be transitioning the property, built in 2012, from a market-rate community to a rent-restricted community that provides housing for middle-income families. The transaction was approved by the Escondido City Council with a unanimous 5-0 vote during the City Council Meeting on October 27th. This acquisition marks just the second acquisition in San Diego County through California’s Essential Housing Program.
Ascenda Capital, acting as the project administrator, will be reserving all of the units at Latitude33 to provide housing for families earning between 60-120% of area median income (AMI) in San Diego County. These families include first responders, nurses, teachers, social workers, military personnel, and other workers that are essential to the community of Escondido. Ascenda will immediately decrease rents for new qualified residents at the property. Residents that do not qualify will not be displaced and will have full freedom to continue living at the community until they choose to go out.
“We are thrilled to be entering the essential housing space and making much needed high quality affordable housing for the workforce of Escondido,” said Matt Avital, principal & founder of Ascenda Capital. “As we transition the property from market rate to affordable housing, we will be reducing rents at the property by an average of 26.5% when compared to market rents in Escondido. We are very passionate about affordable housing and look forward to giving hundreds of middle-income families in Escondido the opportunity to live in high quality housing directly within the community that they serve.”
The property, located at 515 Meander Glen, Escondido, CA 92025, is situated just a block from Escondido City Hall and the California Center for the Arts, Escondido. The property is located in the center of downtown, providing residents with convenient access to nearby retail, restaurants and local attractions such as Starbucks, Lowe’s, Escondido World Marketplace, Regal Escondido and Northgate Market, all within walking distance. The majority of the units at Latitude33 are 3-level townhomes with attached garages and private entrances, providing residents with a spacious living experience and luxurious shared amenities. “We are thrilled to be providing middle-income families in Escondido with such a high quality of living at affordable rent levels,” said Ascenda’s Matt Avital.

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UPPER MARLBORO, MD – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought two apartment communities in Upper Marlboro, Maryland, the Village of Churchills Choice and Hunters Glen. Both sellers were represented by broker Robert Garrish with Newmark. HZ now owns and operates 11 residential apartment communities in the D.C. metro area.
“The acquisitions of Village of Churchills Choice and Hunters Glen will help HZ expand its presence in the Washington D.C. metro and enter a new submarket of Upper Marlboro,” said David Nelson, Hamilton Zanze’s chief transactions officer. “We are excited about our continued growth in Maryland and the prospect of providing quality housing to the local tenant base.”
Village of Churchills Choice and Hunters Glen are located 20 miles from Downtown Washington D.C. The properties are strategically located near Interstate 495, providing residents simple access to Downtown Washington D.C., Downtown Baltimore, and other major employment centers within a reasonable commuting distance.
Built in 2000, Village of Churchills Choice features 192 residential units, and was 95% occupied at the time of buy. Hunters Glen was built in 1992, offers 154 units, and was also 95% occupied as of the date of buy. Both properties are garden-style communities with swimming pools, outdoor grilling and picnic areas, and 24-hour fitness centers. Spacious units feature washers and dryers, walk-in closets, and private patios and balconies.
HZ’s capital improvements for the properties include exterior maintenance and improvements, landscaping, improvements to community amenities, and interior unit renovations. All property management responsibilities have been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
The Washington D.C. metro benefits from a well-established economy driven by a young, educated workforce and is home to 17 Fortune 500 companies, including Fannie Mae, Freddie Mac, Capital One, and Lockheed Martin. In 2018, Amazon announced plans for a new corporate headquarters known as HQ2 in Crystal City, Arlington, VA (20 miles or 30-minute drive from the Properties). The State of Maryland reported that construction of HQ2 will support 25,000 additional jobs, more than $1.7 billion in employee compensation, and more than $4.3 billion in net new economic activity.

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DAYTONA BEACH, FL – Nicol Investment Company, a family-owned real estate investment firm based in Nashville, Tennessee, announced the acquisition of Madison Pointe, a 240-unit garden-style apartment community located at the bustling intersection of Interstate 95 and LPGA Boulevard in Daytona Beach, Florida. The buy price was $68.5 million.
Since 2016, Nicol Investment Company has bought five multifamily assets in Florida, representing $330 million in total investment value.
“This addition to Nicol’s growing Florida apartment portfolio continues our strategy to invest in well-located, amenity-rich communities in high barriers to entry markets,” said Grant Nicol, Director of Finance, Nicol Investment. “Madison Pointe is adjacent to the Tomoka Town Center and Tanger Outlets, which comprise more than 1 million square feet of destination retail and dining venues and is just minutes from major employers like AdventHealth Daytona Beach, Halifax Health Medical Center and the Daytona International Speedway.”
The ultra-modern, four-tale, elevator-serviced garden community has interior air-conditioned corridors and best-in-class amenities, including a resort-style pool with a turf-grass island with lounge chairs and an outdoor kitchen and gathering area, 24/7 fitness center with a separate yoga & spin studio and an expansive clubhouse with multiple gathering and game areas.
Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel Whirlpool appliances, wood-style plank flooring and full-size washer and dryer.
The property offers right walkability to highly sought-after retail, restaurants and entertainment. It is adjacent to the 125-acre Tomoka Town Center mixed use project with destination retail including Dave & Busters, Sam’s Club and Academy Sports + Outdoors and Tanger Factory Outlets, featuring more than 90 name brand retailers such as Nike, J. Crew and Vera Bradley. New retailers under construction include Miller’s Ale House, Ford’s Garage and Rooms To Go.

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