Oceanside CA— CBRE has announced the sale of Stone Arbor Apartments, 612 Los Arbolitos Blvd. an 88-unit multifamily community in Oceanside, CA, to Orange County-based MIG Real Estate for $29.3 million.
Kevin Mulhern, Stew Weston and Dean Zander of CBRE represented the seller, a private family office, in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE’s Capital Markets’ Debt & Structured Finance have arranged a $25 million acquisition loan on behalf of MIG Real Estate to fund post-closing.
Stone Arbor Apartment Village was originally constructed in 1977 and is located 40 miles north of San Diego. The 89,119 square-foot, seven-building property features a resort-style swimming pool, clubhouse, fitness center, playground and 170 parking spaces. The site is proximate to Southwest Plaza, Marketplace Del Rio and Mission Camino Shopping Center.
“Stone Arbor is a rare value-add opportunity and was widely sought after and subscribed. Its North County location boasts incredible demographics and is one of the best performing submarkets in the entire San Diego market,” said Mr. Weston.
Mr. Peterson added, “A small number of units had recently been upgraded and the buyer will continue to renovate all units. Other capital improvements will include new landscaping, clubhouse and pool upgrades, a dog park, roof and window replacements.”