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9/13/18
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A private investor has acquired a pair of multifamily properties totaling 24 units in Encinitas for $10 mil, or $417k/unit. Located within walking distance of one another, the properties consist of two identical two-story apartment structures located at 1237 and 1353 N. Vulcan Ave, adjacent to the east side of Coast Hwy.
The properties’ unit mix consists of 16 one-bed/one-bath units, four two-bed/two-bath units, and four two-bed/one-bath units. The seller, the Joseph Family Trust, had owned and managed the properties since initially developing them in the 1970s. They eventually decided to sell them now as part of a 1031 exchange in order to retire from management and keep a steady source of income.
Clark Rorbach, Ray Adams and Will Creagan with Cushman & Wakefield represented the seller in the transaction.
According to Rorbach, after more than four decades of ownership, the seller was seeking a new investment venture in their retirement years, one which required zero management or maintenance on their part. The seller used the funds from the disposition of the North Vulcan Portfolio to move into two out-of-state retail NNN-leased properties, both featuring investment-grade tenants with long-term, in-place leases.
The exchange was completed within 1% of the target purchase price and in under 10 days from the closing of the relinquished property to the acquisition of the replacement properties.
Encinitas is located approximately 25 miles North of San Diego between Carlsbad and Solana Beach. Just a short distance from the Pacific Ocean, 1237 and 1353 N. Vulcan Ave. provide an irreplaceable coastal location within an up-and-coming and sought after beach community.
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