OCEANSIDE, CA– Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has negotiated the sale of Canyon Heights Apartments (top left photo), an 81,400-square foot multifamily community in Oceanside. The terms of the sale were not disclosed.
IPA’s Stewart Weston (middle right photo), a senior vice presidents investments in Long Beach and Chris Zorbas, a vice president investments in San Diego office of Marcus & Millichap, represented the seller. The buyer, San Francisco-based Fowler Property Acquisitions, was also represented by Weston and Zorbas. IPA is a division of Marcus & Millichap Real Estate Investment Services.
“There is tremendous demand for larger multifamily assets in San Diego County, and these opportunities are rare in this supply constrained market” says Weston. “Canyon Heights Apartments is just minutes from the beach, providing an affordable living option for this coastal community.”
“The low cost of capital has brought a number of out-of-area buyers to the market,” adds Zorbas. “The rental market has tightened recently, and as a result, concessions are leaving the market.”
Located at 180 Canyon Drive, just off Mission Avenue, the property is easily accessible from Interstate 5 and California state routes 76 and 78.
Canyon Heights Apartments has a unit mix of 20 one-bedroom units and 80 two-bedroom apartments. The property features a resort-style swimming pool, a playground, controlled access and on-site laundry facilities.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716 www.InstitutionalPropertyAdvisors.com
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