Structure PMG Goes to Oceanside for Latest Buy
How much would a Santa Ana multifamily investor pay for a small Oceanside apartment complex? How about more than $170k/unit. Structure Property Management Group just purchased Garrison West Townhomes, a 46-unit property at 445 Garrison St in Oceanside for $8.1M, or a little more than $176k/unit. It's part of Structure PMG's latest string of apartment buys that are valued at more than $38M in recent months. Cushman & Wakefield's Ray Adams and Marcus & Millichap's Tyler Leeson brokered the sale.
Structure PMG picked up the Swingin' '70s era apartment complex with proceeds from a 1031 exchange over its recent sale of the 18-unit Glencrest apartments in Anaheim, official say. “This acquisition continues our strategy to acquire well-located workforce housing apartment projects throughout Southern California,” says Structure PMG's Eric Kramer (here with his family). Eric says the firm plans to undergo capital improvements at the property to help pump up rents to market rates.
