Garden-Style Apartments Go for $78M in North County San Diego

CBRE facilitated the $77.5-million sale of Sunterra, a 240-unit multifamily community located at 3851 Sherbourne Dr. in Oceanside. The firm’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas advised the seller, 29th Street Capital. Debt and Structured Finance support was provided by James Flinn and Justin Fitchett. 

Sunterra is a low-density, garden-style apartment community situated on approximately 14.24 acres in North County San Diego. Built in 1975, the property comprises 240 units, all configured as two-bedroom and each with a detached garage. It features a range of amenities, including a resort-style pool, fitness center, landscaped courtyards and outdoor gathering areas. Approximately 70% of the units have been renovated. 

“Sunterra attracted strong investor interest due to its scale, coastal location,” said Parsons. “With a significant portion of units already renovated, the property offers an opportunity in a supply-constrained North County San Diego market that continues to benefit from strong fundamentals and sustained renter demand.” 

If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.