Afton Properties Pays $74M for San Diego-Area Asset
- Aug 03, 2021
An affiliate of Afton Properties has acquired The Dylan, a 208-unit community in Oceanside, Calif., for $74.1 million, according to San Diego county records. The seller was 29th Street Capital.
Institutional Property Advisors worked on behalf of the seller and procured the buyer. The new owner received $51.9 million in acquisition financing from Fidelity & Guaranty Life Insurance Co., public records show.
According to Yardi Matrix data, the 1973-built community last traded in 2019 when 29th Street Capital purchased it for $57.1 million, or $274,639 per unit. The current per-unit price of $356,250 marks a nearly 30 percent uptick.
Amenities and location
Located at 550 Los Arbolitos Blvd., The Dylan features one- to three-bedroom units with floorplans ranging from 739 to 1,136 square feet. The previous owner refurbished approximately 50 percent of the interiors.
The pet-friendly community includes 18 buildings and features two swimming pools, two spas, a fitness center, a business center, a barbecue area, a playground and a laundry center.
The property is less than a mile from the Mission Avenue retail corridor, which boasts numerous shopping and dining options. The Dylan places residents within 6 miles of the MiraCosta College and 2 miles from the Oceanside Municipal Airport.
Downtown Oceanside is less than 5 miles southwest of the community, while downtown San Diego is roughly 40 miles southeast.
The IPA brokerage team included Christopher Zorbas and Alexander Garcia Jr., executive managing directors of investments, as well as Tyler Martin, vice president of investments with Marcus & Millichap.
Last month, another IPA team brokered the sale of a 136-unit property in Glendale, Ariz. The buyer paid $45 million for Strayhorse Arrowhead Ranch and plans to renovate the property.