OCEANSIDE, Calif .– (BUSINESS WIRE) – Aug. July 2021–
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of The Dylan, a 208-unit apartment complex in Oceanside, California. The property sold for $ 74.1 million, or $ 356,250 per unit.
"Oceanside is a growing city with single-family home prices rising to all-time highs across the submarket," said Christopher J. Zorbas, Executive Managing Director Investments at IPA. "The growing discrepancy between the monthly cost of living for rent and property should keep apartment buildings vacant and put upward pressure on rental prices for the foreseeable future." Zorbas, Alexander Garcia, Jr. and Tyler J. Martin represented the seller, 29th Street Capital, and brokered the buyer, 550 Los Arbolitos Owner LLC. "With an average home price in Oceanside of approximately $ 650,000 and an average effective rental price of approximately $ 1,850 per month, monthly rental costs are 42% lower than home ownership," added Garcia.
The hotel is located near downtown Oceanside and the Oceanside Pier, and is easily accessible from California State Routes 76 and 78 and Interstate 5. Major employment centers such as the Palomar Airport District, Ocean Ranch Corporate Center and Camp Pendleton are nearby. San Diego State University, the University of California San Diego, Mira Costa Community College, and Palomar College are just a short drive away.
Built in 1973, The Dylan consists of one, two and three bedroom apartments. The complex's amenity package includes two swimming pools, two spas, a fitness room and a business center. "The previous owner tastefully renovated around 50% of the interior," says Martin. "Further advantages can be achieved by renovating the remaining interiors and by strategically upgrading the interiors that have already been renovated."
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial property services company in North America. The combination of real estate investment and capital market expertise, industry-leading technology and renowned research offers tailor-made solutions for the acquisition, sale and financing of institutional real estate and portfolios. More information is available at http://www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap is a leading specialist in commercial real estate sales, financing, research and advisory services with over 2,000 investment sales and financing experts in the United States and Canada. Founded in 1971, the company completed 8,954 transactions in 2020, valued at approximately $ 43 billion. Marcus & Millichap has perfected a powerful real estate marketing system that combines investment specialization, local market expertise, the industry's most in-depth research, cutting-edge technology and relationships with the largest pool of qualified investors. To learn more, please visit: http://www.MarcusMillichap.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005572/en/
CONTACT: Gina Relva, Public Relations Director
Gina.Relva@marcusmillichap.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: RESIDENTIAL CONSTRUCTION & REAL ESTATE COMMERCIAL CONSTRUCTION & REAL ESTATE & REAL ESTATE
SOURCE: Marcus & Millichap
Copyright Business Wire 2021.
PUB: 07/30/2021 3:51 p.m. / DISC: 07/30/2021 3:51 p.m.
http://www.businesswire.com/news/home/20210730005572/en
Copyright Business Wire 2021.
source https://seapointrealtors.com/2021/08/01/institutional-property-advisors-brokers-74-1-million-north-county-san-diego-multifamily-sale-business/
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