Built in 1974, Sunterra, 3851 Sherbourne Dr., was sold by Ideal Capital Group.
The complex has 240 apartments and includes a pool, two playgrounds, a sundeck with an outdoor fireplace, and a fitness center.
29th Street Capital, a real estate investment firm based in Chicago, plans to install stainless steel appliances, quartz countertops, oval soaking tubs, and white cabinetry. Exterior improvements will include updating the roof, wrapping balconies in wood paneling, and replacing windows and glass doors.
Hunter Combs with Walker & Dunlop in San Diego brokered the transaction. John Montakab and Mark Grace with Walker & Dunlop arranged the financing.
29th Street Capital has a multibillion-dollar property portfolio, focusing on multifamily housing as well as student housing, coast to coast.