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Multifamily Price of $110M is Highest on Record in Oceanside
Capella at Rancho del Oro, a 284-unit multifamily asset in Oceanside, recently traded for $110 million, which equates to $387,324 per unit. The buyer was Property West Residential.
Brokers with Institutional Property Advisors (IPA), a division of Marcus & Millichap, handled the sale.
“The total sales price is the highest on record for an apartment transaction in Oceanside,” says Christopher J. Zorbas, IPA executive managing director investments. “This unique property was constructed in 2001 and due to limited opportunities along the 78 Corridor, investors have adjusted their underwriting criteria to be more competitive as most of the market is ‘60s, ‘70s and ‘80s garden walk-ups.”
Zorbas, Tyler Martin and Alexander Garcia Jr. represented the seller, FPA Multifamily, and procured the buyer.
“This was a rare offering located in the Rancho Del Oro section of Oceanside, accessible to the beach, major employment hubs and retail destinations,” adds Martin.
Near downtown Oceanside and within proximity of Oceanside Harbor, the location is positioned between the coast and adjacent to two of the main job nodes in North San Diego County, Palomar Airport District and Ocean Ranch.
- ◦Sale/Acquisition
