San Diego real estate
The 300 block of Hemlock Avenue. Photo credit: Courtesy, Marcus & Millichap

A new four-unit apartment property near the beach in Carlsbad has been sold for $8.5 million, a real estate brokerage announced.

Built this year, 312 Hemlock Ave. includes three-bedroom units. They will be managed by Mark Jaureguy of Chamberlain Property Management and are set to hit the rental market in the coming weeks.

The buyer, a private investor, was represented by Conor Brennan, a senior vice president in Marcus & Millichap’s San Diego Downtown office, and Adrian Grobelny, an associate in downtown office. The seller was not named.

“Hemlock is indicative of market resilience despite debt obstacles. Cap rates have not moved 1:1 with interest rates, and buyers seeking premium real estate can still expect compressed cap rates,” Brennan said.

The units feature high-end designer finishes, open floor plans, ocean views and solar panels providing net-zero energy.

“Our team secured this property for our client off-market while in the final stages of construction,” Grobelny said.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services,