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September 30, 2014
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SAN DIEGO NEWS
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Oceanside Apartment Complex Bought for $14 Mil

4/16/14

Forest Glen Condominiums, an 88-unit, condominium-entitled apartment complex in Oceanside, recently sold for $14.2 mil ($161.4k/unit). Constructed in 1977, the property is located on a 3.4-acre lot at 612 Los Arbolitos Blvd, north of Hwy 76. The complex provides easy access to I-5, and California state routes 76 and 78.

The 89.1k sf Forest Glen Condominiums features a mix of one-bedroom, two-bedroom and three-bedroom apartment homes. The units have spacious floor plans that average over 1k sf and include expansive private patios and balconies, formal dining areas, mirrored closet doors and fully equipped kitchens with dishwashers. Residents have access to a modern, on-site laundry facility, a fitness center, clubhouse, a resort-style swimming pool, barbecue and picnic areas and ample open and covered parking.

Christopher Zorbas with Marcus & Millichap represented the seller. Stewart I. Weston, also with M&M, repped the buyer.

“Forest Glen Condominiums has all the characteristics of a high-end condo complex and its condominium entitlements pave the way for the sale of individual units in a future market cycle,” said Zorbas.




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