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Partnership Acquires “Highly Prized” Coastal Apartments in Carlsbad
CBRE arranged the $20.9-million sale of the 40-unit Pure Beach Living, located less than a half mile from the beach at 662 Tamarack Ave., in Carlsbad. The firm’s John Newton represented both the buyer, Dunbar Residential Investments in partnership with Long Wharf Capital, and the seller, HFPL Dolphin Beach LLC.
“We’ve seen a flight to quality across asset classes post-pandemic, and this was a unique and highly prized coastal asset, so interest was strong,” said Newton. “San Diego is increasingly attracting capital from outside markets as investors, nationally, remain bullish on the strength and stability of the San Diego economy coupled with an extremely constrained development environment.”
He added, “The rarity of the all three-bedroom mix, plus the proximity to the beach, commanded substantial interest and a premium in the market.” added Newton.
The buyers plan to cater to the growing household tenant base by implementing a value-add program and by upgrading the building and its amenities.
- ◦Sale/Acquisition
