Irvine-Based Trust Sells North San Diego County Apartment Complex for $24 Million
In a significant real estate transaction, an Irvine-based trust has sold a 72-unit apartment building, Ocean Breeze Village, for $24 million. This property, located at 2070 Poplar Road in Oceanside, North San Diego County, was acquired by Mendridge 13 LLC, a San Diego-based company led by Denisse Mendivil. The deal was finalized on August 13, marking a notable move in the competitive San Diego real estate market.
Ocean Breeze Village: A Prime Location
Ocean Breeze Village is a sizable asset comprising 69,630 square feet and occupying nearly 9.6 acres of land. Built in 1989, the apartment complex benefits from its strategic location close to Oceanside’s Central Business District. This proximity to essential amenities, shopping areas, and recreational facilities makes it an attractive option for tenants. With its well-maintained units and prime location, it has stood out in a crowded rental market, appealing to a wide demographic of residents.
The Role of Marcus & Millichap
The transaction was facilitated by Drew Holden and Tyler Leeson of Marcus & Millichap, a respected name in commercial real estate. Holden and Leeson represented the seller in listing the property, leveraging their knowledge of the market to secure a fitting buyer. Their expertise in the multifamily segment enhanced the visibility of Ocean Breeze Village, leading to a successful sale. Marcus & Millichap is known for its effective marketing strategies and extensive networks, making it a go-to choice for real estate transactions across various sectors.
Investment Potential in Oceanside
The North San Diego County area, particularly Oceanside, has witnessed a surge in real estate interest over recent years. The demand for rental properties has increased, spurred by factors such as job growth, favorable weather conditions, and a burgeoning population. Investors are recognizing the potential for attractive returns in this market. The sale of Ocean Breeze Village underscores the region’s appeal to multifamily property investors, reflecting a trend towards urban living solutions in vibrant communities.
Looking Ahead: Trends in Multifamily Real Estate
As the dynamics of residential living evolve, multifamily properties like Ocean Breeze Village are becoming increasingly sought-after. With a growing number of people opting for rental units over home buying, especially in urban areas, the demand for such complexes is expected to persist. The steady cash flow and relatively lower maintenance costs associated with these properties make them an attractive investment choice for many. Consequently, real estate professionals continue to advise investors to explore opportunities in this sector for long-term stability and growth.
Conclusion
This recent transaction marks not just a notable achievement for the Irvine-based trust and Mendridge 13 LLC but also highlights the thriving real estate landscape in Oceanside, San Diego County. As investors and developers turn their sights toward multifamily housing, properties like Ocean Breeze Village will likely remain key players in shaping the future of the rental market. For further insights into real estate trends or to explore investment opportunities, consider visiting Marcus & Millichap for comprehensive resources and expert guidance.
For more information on Oceanside real estate trends, check out Oceanside Chamber of Commerce.
