The seller in the Deal of the Week was represented by 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.
The deal was the sale of 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, or $160,000 per unit.
The buyer was Sunterra Apartments LLC, controlled by Benedict Canyon Equities Inc., with Ryan Somers as the president. The acquisition was financed with a loan of $30.98 million from Onewest Bank.
The seller of the property was Legacy Sunterra Apartments Partners L.P., with Legacy Partners 2457 L.P. as its general partner. Timothy J. O'Brien is the senior vice president of Legacy Partners.
Built in 1974 on 14.2 acres, the complex consists of 13 residential buildings totaling 218,944 square feet of net rentable area. The 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.