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September 22, 2021
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Oceanside Multifamily Property Purchased for $74 Mil

8/03/21

The Dylan, a 208-unit apartment complex in Oceanside, was sold for $74.1 mil, or $356.3k/unit. The property is located at 550 Los Arbolitos Blvd, close to Downtown Oceanside and the Oceanside Pier.

Built in 1973, The Dylan has a unit mix of one-, two- and three-bedroom apartments. The complex’s amenity package includes two swimming pools, two spas, a gym, and a business center.

The property is conveniently accessible from California State Routes 76 and 78 and Interstate 5. Major employment hubs, including 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 within a short drive.

Christopher J. Zorbas, Alexander Garcia, Jr., and Tyler J. Martin with Institutional Property Advisors represented the seller, 29th Street Capital, and procured the buyer, 550 Los Arbolitos Owner LLC.

“Previous ownership tastefully renovated approximately 50% of the interiors,” noted Martin. “Further upside can be attained by renovating the remaining interiors and by making strategic upgrades to those that have already been touched-up.”

“Oceanside is a growing city with single-family home prices rising to all-time highs throughout the submarket,” said Zorbas. “The increasing disparity between monthly living expenses for renting versus owning should sustain low multifamily vacancies and place upward pressure on rental prices for the foreseeable future.”





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