Sunterra Apartment Homes, a 240-unit garden-style apartment complex in the “Tri-City” area at 3851 Sherbourne Drive, Oceanside 92056, has been sold for $38.25 million, pr $160,000 per unit.
The buyer was Sunterra Apartments LLC, controlled by Benedict Canyon Equities Inc., with Ryan Somers as president, c/o Eisner Kahan Gorry Chapman Ross & Jaffe, 9601 Wilshire Blvd., Suite 700, Beverly Hills 92021, attention: Sal LaVina. The acquisition was financed with a loan of $30.98 million from Onewest Bank.
The seller of the property (assessor's parcels 166-730-01 through 04) was Legacy Sunterra Apartments Partners L.P., with Legacy Partners 2457 L.P., its general partner. Timothy J. O'Brien is senior vice president of Legacy Partners.
Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap -- with senior directors Stewart I. Weston and Christopher Zorbas, IPA associate David Sperling and Marcus & Millichap associate Michael Walseth -- represented the seller.
Built in 1974 on 14.2 acres, the complex consists of 13 residential buildings totaling 218,944 square feet of net rentable area. Apartments feature private patios or balconies.
The property amenities include controlled-access entry, a fitness center, a pool, a sand volleyball court, a playground area, extra storage space, on-site laundry and a picnic area with barbecue grills.
It is the buyer's first acquisition in San Diego County, according to Weston.