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7/20/15
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Laguna Palms, a 45-unit, garden-style apartment building in Carlsbad, sold for $10 mil, or $222.2k/unit. The property is located at 935 Laguna Dr, west of I-5 and north of Carlsbad Village Dr.
Built in 1973, the unit mix at Laguna Palms consists of 24 one-bedroom/one bath-apartments, 20 two-bedroom/one-bath apartments and one two-bedroom/one-bath house. The property benefits from being near major transportation arteries.
Christopher Zorbas, senior vice president investments, and Tom McCartin, vice president investments, both in Marcus & Millichap’s San Diego office, represented both parties in the deal. According to Zorba, the new owner plans to add significant value by upgrading unit interiors and enhancing the exteriors.
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