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5/29/24
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Hillsborough Apartments, a 25-unit multifamily property in Oceanside, was purchased by a private investor in an $8.62 mil transaction. The selling price works out to $344.8k/unit and $447/sf.
Located in Oceanside’s Loma Alta neighborhood at 2326 Greenbrier Drive, the five-building apartment complex totals 19.3k sf and sits on a 1.15-acre lot. The value-add property is minutes away from the beach and near many restaurants, entertainment options and public transportation.
Built in 1980 and remodeled in 2019, Hillsborough Apartments features 14 one-bedroom units and 11 two-bedroom townhome-style units. The units have either large patios or decks, with select units offering ocean views.
The one-bedroom units have open floor plans, covered carports and access to an onsite laundry facility. The two-bedroom townhomes have two-car garages with direct access into the apartment along with in-unit washers and dryers. The common areas feature lush tropical landscaping.
Dan Blackwell, Mike O’Neill and Amanda Fielder with CBRE represented the 1031 exchange buyer, a repeat client based in San Diego County. The seller was from South Orange County.
“Hillsborough Apartments’ rents are currently 18% under market, so the buyer has an opportunity to bring the rents to market level, bringing the closing cap rate from 4.59% to 5.85%," said O’Neill. “The buyer also has an opportunity to convert a storage room to an Accessory Dwelling Unit to increase rental income.”
“We have worked with this repeat investor for many years and were able to consolidate some of their holdings by exchanging three smaller unit properties totaling 19 units into a single 25-unit property,” Fielder added. “We also assisted the buyer with obtaining financing, insurance and property management to complete the transaction.”
Oceanside, a vibrant coastal city located in northern San Diego County, is known for its beautiful beaches, historic pier and busy harbor. With a population of over 170,000, the city blends suburban charm with oceanfront attractions, making it a desirable destination for residents and visitors. Its close proximity to the southern boundary of Marine Corps Base Camp Pendleton enhances its strategic importance and investment appeal.
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