Steve Huffman, of the San Diego office of Hendricks-Berkadia, negotiated the Deal of the Week.
The deal was the sale of Royal Oaks -- the 122-unit apartment community for independent living tenants aged 55 and older -- at 650 Woodward St., San Marcos, for $18.83 million or $154,300-per-square-foot.
The price included payment of $6,726,000 cash and assumption of a March 2012 loan originally for $12.44 million. The outstanding balance is $12,104,800 at 4.05 percent.
The buyer was Providence Royal Oaks San Marcos LLC, c/o Provident Capital Group Inc. of Encinitas. Paul A. Laubach is the president of Provident Capital. The seller of the property was DIG Royal Oaks LLC, with Dornin Investment Group LLC, manager. Chris Dornin is the president of Dornin Investment.
Built in 2003 on a 6.3-acre lot, the three-story, garden-style apartment community consists of one- and two-bedroom floor plans.
Community amenities include a laundry facility, swimming pool, hydro-therapy spa, tennis court, security and controlled-access gate.
Royal Oaks also features a beauty salon, library, bistro-style coffee shop and regularly held activities including bingo, dancing and card games.
In March 2012, the property was sold for $15,855,000 with financing of $12.44 million from Deutsche Bank Berkshire Mortgage Inc.
Royal Oaks, the 122-unit apartment community for independent living tenants aged 55 and older at 650 Woodward St. in San Marcos, sold for $18.83 million.