Oceanside Apartment Complex Fetches Record $110M Sales Price

OCEANSIDE, CA — The highest price ever paid for an apartment complex in Oceanside recently occurred when Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Capella at Rancho del Oro, a 284-unit multifamily asset. The property traded for $110 million, which equates to $387,324 per unit.

“The total sales price is the highest on record for an apartment transaction in Oceanside,” said Christopher J. Zorbas, IPA executive managing director investments. “This unique property was constructed in 2001 and due to limited opportunities along the 78 corridor, investors have adjusted their underwriting criteria to be more competitive as most of the market is 60’s, 70’s, and 80’s garden walk-ups.”

Zorbas, Tyler Martin, vice president, and Alexander Garcia, Jr., IPA executive managing director investments represented the seller, FPA Multifamily, and procured the buyer, Property West Residential, a local family office with over 4,000 units under ownership and management. “This was a rare 2001-built offering located in the Rancho Del Oro section of Oceanside, accessible to the beach, major employment hubs, and retail destinations,” added Martin.

The sale marks the team’s second large multifamily closing in Oceanside this quarter. On July 19, 2021, Zorbas, Garcia, and Martin completed the sale of The Dylan, a 208-unit apartment complex on Los Arbolitos Boulevard in Oceanside for $74.1 million, or $356,250 per unit.

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