Oceanside CA— Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced on Tuesday the sale of The Dylan Apartment Homes, a 208-unit apartment complex in Oceanside, California. The property sold for $57,125,000 or $274,639 per unit.
“Steady job creation is a driving factor contributing to strong apartment demand and a low level of vacancy in San Diego County,” said Christopher Zorbas, IPA senior managing director. “Multifamily properties located in San Diego’s beach communities are especially desirable to investors, in particular properties that offer value-add opportunity and that are well positioned for future growth.”
Zorbas, Alexander Garcia Jr., IPA senior managing director and Tyler Martin, vice president investments with Marcus & Millichap, represented the seller, Fowler Property Acquisitions and procured the buyer, 29th Street Capital based in Chicago.
The location of The Dylan, nestled between Los Arbolitos Blvd. and Fredricks Ave, gives residents access to California State Route 76 and Interstate 5, as well as retail options along Mission Avenue, and major employers along the 78 Corridor. Camp Pendleton, the largest employer in North County, is nearby.
The complex’s amenity package includes two swimming pools, two spas, a gym and a business center.