IPA Arranges Multifamily Asset Acquisition in the San Diego MSA
- Dec 03, 2015
Acquired by The Apartment Co. of Encinitas, the asset fetched $18.2 million, which boils down to a $182,000 per-unit price. The deal was arranged by Marcus & Millichap’s Institutional Property Advisors (IPA) Senior Directors Christopher Zorbas, Stewart I. Weston, and Alexander Garcia, Jr., along with Associate Directors David Sperling and John Montakab. Seller Fowler Property Acquisitions of Newport Beach was procured by IPA.
Located at 180 Canyon Drive in Oceanside, Oceana Apartment Homes consists of 100 units. Built in 1970, the 180,338-square-foot property offers easy access to main transit lines such as the I-5 and California State Route 76. The community is located in a tri-city area of the San Diego MSA that also includes Carlsbad and Vista.
The unit mix at the newly-renovated Oceana includes one- and two-bedroom apartments, some of which feature private backyard patios. Residents at the property have access to an amenity package that includes controlled access, on-site laundry facilities, a sundeck, barbecue and dining area, reserved gated parking, as well as a swimming pool.
Per-unit prices in the San Diego metro rose to an average of over $215,000 in 2015, nearly double the average national level, Yardi Matrix data shows. However, The Apartment Company paid substantially less for the tri-city area property.
Image courtesy of Yardi Matrix