A 208-unit apartment complex near Mission San Luis Rey in Oceanside, built in 1973, has sold for $74.1 million, according to a real estate investment firm.
The firm, Institutional Property Advisors (IPA) represented the seller, 29th Street Capital, and procured the buyer, 550 Los Arbolitos Owner LLC.
The price of the property, known as The Dylan, works out to $356,250 per unit.
“Oceanside is a growing city with single-family home prices rising to all-time highs throughout the submarket,” said Christopher J. Zorbas, IPA executive managing director, investments. “The increasing disparity between monthly living expenses for renting versus owning should sustain low multi-family vacancies and place upward pressure on rental prices for the foreseeable future.”
Zorbas, Alexander Garcia, Jr., and Tyler J. Martin took part in the deal for IPA.
The complex unit offers a mix of one-, two- and three-bedroom apartments, along with two swimming pools, two spas, a gym and a business center. Martin said previous owners renovated approximately 50% of the interiors.
According to the San Diego Business Journal, 29th Street Capital bought The Dylan for $57.1 million two years ago. Fowler Property Acquisitions sold the property.
IPA is a division of Marcus & Millichap, a specialist in commercial real estate investment sales, financing, research and advisory services.