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8/09/19
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A 12-unit apartment complex in downtown Oceanside sold for $3.8 mil, or $317k/unit. Located at 202 S. Nevada St, the property was acquired by Home 619 LLC. The seller was Goldman Family Trust.
202 S. Nevada is a transit-oriented multifamily property offering a desirable unit mix of two- and three-bedroom units all with one-car garages, plus on-site laundry services—some units also have private patios and balconies. A new roof was also recently added. The property is within walking distance of the beach, shopping, entertainment, and the Oceanside transit center, plus easy access to Interstate 5.
The seller will be combining the proceeds from this disposition together with other sales to exchange into one larger multifamily investment. The buyer had sold eight individual condominium units at other properties to be able to exchange into this Oceanside building.
Ray Adams and Clark Rorbach with Cushman & Wakefield represented the seller in the transaction. The buyer was repped by Brian Yui of Home Rebate. According to Adams, the property is a great value-add asset, with rents currently below-market and positioned within an improving and also amenitized neighborhood.
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