A private investor has purchased a 25-unit apartment building in Oceanside for $8.62 million, a real estate brokerage announced.
The selling price equates to $344,800 per unit and $447 per square foot.
CBRE’s Executive Vice President Dan Blackwell, First Vice President Mike O’Neill and associate Amanda Fielder represented the buyer, a repeat client based in San Diego County. The seller is from South Orange County.
Blackwell called the property “a value-add opportunity.” CBRE also assisted the buyer with financing, insurance and property management.
“Hillsborough Apartments’ rents are currently 18% under market, so the buyer has an opportunity to bring the rents to market level …” said O’Neill. “The buyer also has an opportunity to convert a storage room to an Accessory Dwelling Unit to increase rental income.”
Located in the Loma Alta neighborhood at 2326 Greenbrier Drive, the five-building apartment complex, on a 1.15-acre lot, totals 19,278 square feet.
The apartment community, built in 1980 and remodeled in 2019, features 14 one-bedroom units and 11 two-bedroom townhome-style units. The units have either large patios or decks, and some offer ocean views. The beach is 1.7 miles away.
The one-bedroom units have open floor plans, covered carports and access to an onsite laundry. The two-bedrooms have two-car garages with direct access into the apartment along with in-unit washers and dryers.
The CBRE SoCal Multifamily Team has closed 19 such transactions in Southern California in 2024 and currently has 13 multifamily properties under contract or in escrow.
