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1/27/17
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Grant Street Villas, an 84-unit apartment complex in Oceanside, was purchased by a local real estate investor for $12.5 mil, or $149k/unit. According to CBRE, the sale was one of eight transactions of this size in North County San Diego west of the I-5 in the last 12 months, demonstrating the high demand for coastal multifamily investments.
Grant Street Villas, located at 415 Grant Street, was built in 1953 and features eight, two-story buildings, situated on 3.15 acres. The property includes one- and two-bedroom units, with an average floor plan of 629 sf. The apartments feature private balconies, and the complex offers on-site laundry and parking.
The complex is located in proximity to retail, entertainment, shopping and employment centers, and nearby transportation.
Merrick Matricardi, Jim Neil and Eric Comer with CBRE represented the buyer, Ann Schon of Grant by the Sea Fund LLC, who has a three-year renovation plan to upgrade both the interior and exterior of the complex. The seller, Grant Street Villas LLC, represented themselves.
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