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11/07/24
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Dunbar Residential Investments, in partnership with Long Wharf Capital, acquired Pure Beach Living, a 40-unit residential property in Carlsbad, for $20.9 mil ($522.5k/unit). The property I located less than a half mile from the beach at 662 Tamarack Ave.
The community offers all three-bedroom floorplans, averaging 1.2k sf in size. Each unit features custom countertops and cabinets, upgraded fixtures, stainless steel appliances, large closets, and a private patio. Originally built in 1978, the gated community features a pool and spa and barbeques.
Located minutes west from Interstate 5, the property sits just 0.4 miles from the Pacific Ocean. The community is surrounded by various dining, nightlife, and shopping destinations.
CBRE's John Newton represented both the buyer and the seller, HFPL Dolphin Beach LLC, in the transaction. The buyers plan to cater to the growing household tenant base by implementing a value-added program and by upgrading the building and its amenities.
"We've seen a flight to quality across asset classes post-pandemic, and this was a unique and highly prized coastal asset, so interest was strong," said Newton. "San Diego is increasingly attracting capital from outside markets as investors, nationally, remain bullish on the strength and stability of the San Diego economy coupled with an extremely constrained development environment."
"The rarity of the all three-bed mix, plus the proximity to the beach, commanded substantial interest and a premium in the market. Most apartments under development are small units. There aren't enough three-bedroom units to meet demand as households grow and single-family housing opportunities become scarcer," added Newton.
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