29th Street Capital Enters SoCal with $57M Apartment Buy

29th Street Capital (29SC) has made its first acquisition in Southern California, paying $57.1 million for The Dylan, a 208-unit apartment complex in Oceanside. The Chicago-based firm’s existing portfolio consists of 7,500 units, including the addition of 17 multifamily properties over the past 12 months.

“We believe The Dylan is a tremendous opportunity to enter the Southern California market,” said 29SC’s Richard Marshall. “The fundamentals in the market are strong, as the costs of home ownership continue to rise.”

The Dylan is located about four miles from downtown Oceanside and the beach. Camp Pendleton, which has an approximate daytime population of 80,000 and is home to 38,000 military family members, is only eight miles away.

29SC plans to invest more money into The Dylan, spending approximately $8,500 per unit in capital improvements.

IPA’s Christopher Zorbas and Alexander Garcia, along with Marcus & Millichap’s Tyler Martin represented the seller, Fowler Property Acquisitions. The team also sourced the buyer.

“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 said.

For questions, comments or concerns, please contact Jennifer Duell Popovec