The 290-unit, self-storage and RV storage property at 414-444 Edgehill Lane, Oceanside 92054, has been sold for $3.8 million, or $13,448 per unit.
The buyer was Heritage Glen Investments LLC, a Nevada limited liability company, 5252 Balboa Ave., Suite 605, San Diego 92117.
The acquisition was financed with loans of $1.9 million and $950,000 from US Bank and $978,000 from Capital Access Group Inc.
The sellers of the property (assessor's parcels 162-030-31 and 53) were Oceanside EZ Storage LLC, a California limited liability company, (61.98 percent) and Ronald S. Green, trustee of the Ted J. Green Trust (38.02 percent). Jeannine Caryl is the member/manager of Oceanside EZ.
The buyer was represented by Craig Stewart, senior vice president/principal of ACRE Investment Real Estate Services, and Chase Sandrik, senior director of ACRE. Escrow services were provided by
Annemarie Lococo, of Chicago Title. Cameron Aldrich at Chicago Title provided the title insurance.
The storage facility was constructed in 1973, and consists of 209 self storage units and 81 RV storage spaces, totaling 65,509 square feet. The property sold at an 8 percent cap rate, 7.1 GRM, and $59.53-square-foot.