Apartment Complex Sells For $26.5M In Increasingly Pricey Oceanside
Milano Apartment Homes recently acquired the 114-unit Village View apartment complex at 3634 College Blvd in Oceanside for $26.5M, according to Marcus & Millichap. The price paid works out to $232k/unit. The previous owner purchased the property in 2005 for $23.4M, according to CoStar.
Institutional Property Advisors senior director Christopher Zorbas, who repped the buyer, says rents are continuing to rise in Oceanside and the property’s condo-quality finishes and proximity to the coast mean the new owner will be able to push up rents, reports the San Diego Union-Tribune. One-bedroom apartments at Village View currently rent for $1,695/month and two-bedrooms for $1,895/month.
USC Lusk Center for Real Estate’s 2016 Casden Multifamily Forecast reported earlier this month that North San Diego County holds the record for highest average rent in the county at $1,471/month, after a 5.1% rent increase in 2015. The report predicted rents in San Diego County will increase 2.9% in 2016 and continue to rise over the new few years due to lack of new supply to meet increasing demand, population growth and a growing economy, reaching $1,577/month by 2018. [SDUT]
