84-unit apartment complex sells for $12.5 Million
Oceanside CA— CBRE Group Inc., announced the sale of the Grant Street Villas, an 84-unit apartment complex in Oceanside, California, for $12.5 million to a local real estate investor. The sale was one of eight transactions of this size in North County San Diego west of the I-5 in the last 12 months, demonstrating the high demand for coastal multifamily investments.
Grant Street Villas, located 415 Grant Street, was built in 1953 and features eight, two story buildings, situated on 3.15 acres. The property includes one and two-bedroom units, with an average floor plan of 629 square feet. The apartments feature private balconies, and the complex offers on-site laundry and parking.
“This was a great investment due to the demand for coastal multifamily apartments, said Matricardi, first vice president of CBRE in the San Diego region. “This sale is one of eight transactions since January 2016 of apartment buildings with more than 10 units west of the I-5 in North County San Diego. It is also the lowest price per unit and price per square foot transaction of those eight sales.”
The complex is located in proximity to retail, entertainment, shopping and employment centers, and nearby transportation.
“Grant Street property has a lot of opportunity and we have created a three-year renovation plan to upgrade both the interior and exterior of the complex,” said Ann Schon.