The 12-unit apartment complex, at 419 Garfield St. in Oceanside 92054, has been sold for $1.26 million.
The buyer was Garfield by the Sea LLC, a California limited liability company, c/o Avezta Equity Inc., 12768 Monterey Cypress Way, San Diego 92130.
The acquisition was financed with a loan of $945,000 from JPMorgan Chase Bank (NYSE: JPM).
The sellers of the property were Ricci and Lorrie M. Luyties.
Merrick Matricardi, Eric Comer and Jim Neil, of CBRE San Diego represented buyer and sellers.
Built in 1970 on .28 acres, the 9,300-square-foot property consists of all two-bedroom units and was 100-percent leased at the time of sale.
“Multifamily sales activity in the last half of 2012 started to gain momentum, which is carrying through into this year,” Matricardi said. “With the San Diego housing market on the upswing, multifamily rental rates are being pushed higher even in secondary submarkets. Investors are taking advantage of the favorable market conditions and we expect to see significant sales activity throughout the year."