Pacific Urban Snags $30M San Diego-Area Asset
- May 12, 2017
Pacific Urban Residential LLC acquired Rancho Tuscana in Oceanside, Calif., for $30 million from Terra Pacifica LLC. Kidder Mathews’ multifamily brokers Eric Comer, Jim Neil and Merrick Matricardi represented the seller.
Located at 3675 Barnard Drive, the 136-unit community features 32 one- and 104 two-bedroom floorplans ranging from 815 to 1,015 square feet among its 11, two-story buildings. Interior features include private balconies and patios and fireplaces in select units. Residents of Rancho Tuscana have access to amenities such as a tennis court, swimming pool, spa, two laundry facilities, a fitness center, outside storage and 221 parking spaces. The property also has a condo map and could be sold as individual units.
“We received significant interest in the property, which is consistent with the interest level we see for large, value-add properties,” said Comer.
Pacific Urban Residential owns a portfolio in excess of 7,500 units throughout the West Coast and Comer, Neil, and Matricardi have been involved in the sale of four of its properties in the last two years, as well as the current marketing of an additional project for sale. According to Yardi Matrix, Terra Pacifica purchased the asset back in 2004 for $17.5 million.
Image courtesy of Kidder Mathews