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Oceanside Apartments Trade to Local 1031 Buyer
CBRE closed the sale of a 25-unit multifamily property at 2326 Greenbrier Dr. in Oceanside’s Loma Alta neighborhood to a private investor for $8.62 million. The sale price represents $344,800 per unit and $447 per square foot.
EVP Dan Blackwell, first VP Mike O’Neill and associate Amanda Fielder represented the 1031 exchange buyer, a repeat client based in San Diego County. The seller was from South Orange County.
“Hillsborough Apartments’ rents are currently 18% under market, so the buyer has an opportunity to bring the rents to market level, bringing the closing cap rate from 4.59% to 5.85%,” said O’Neill. “The buyer also has an opportunity to convert a storage room to an Accessory Dwelling Unit to increase rental income.”
Built in 1980 and remodeled in 2019, the property features 14 one-bedroom units and 11 two-bedroom townhome-style units. The units have either large patios or decks, with select units offering ocean views.
- ◦Sale/Acquisition
