{"id":520860,"date":"2021-07-30T15:54:08","date_gmt":"2021-07-30T19:54:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/institutional-property-advisors-brokers-74-1-million-north-county-san-diego-multifamily-sale\/"},"modified":"2021-07-30T15:54:08","modified_gmt":"2021-07-30T19:54:08","slug":"institutional-property-advisors-brokers-74-1-million-north-county-san-diego-multifamily-sale","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/institutional-property-advisors-brokers-74-1-million-north-county-san-diego-multifamily-sale\/","title":{"rendered":"Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale"},"content":{"rendered":"

<\/p>\n

Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale<\/b><\/p>\n

OCEANSIDE, Calif.–(BUSINESS WIRE<\/a>)–Institutional Property Advisors (IPA)<\/a>, a division of Marcus & Millichap (NYSE: MMI)<\/a>, announced today the sale of The Dylan, a 208-unit apartment complex in Oceanside, California. The property sold for $74.1 million, or $356,250 per unit.\n<\/p>\n

\n\u201cOceanside is a growing city with single-family home prices rising to all-time highs throughout the submarket,\u201d said Christopher J. Zorbas, IPA executive managing director investments. \u201cThe increasing disparity between monthly living expenses for renting versus owning should sustain low multifamily vacancies and place upward pressure on rental prices for the foreseeable future.\u201d Zorbas, Alexander Garcia, Jr., and Tyler J. Martin represented the seller, 29th<\/sup> Street Capital, and procured the buyer, 550 Los Arbolitos Owner LLC. \u201cWith the median home price in Oceanside at approximately $650,000, and average effective apartment rent at about $1,850 a month, the monthly cost of renting is 42% below the cost of home ownership,\u201d added Garcia.\n<\/p>\n

\nLocated close to Downtown Oceanside and the Oceanside Pier, the property is conveniently accessible from California State Routes 76 and 78 and Interstate 5. Major employment hubs, including Palomar Airport District, Ocean Ranch Corporate Center, and Camp Pendleton are nearby. San Diego State University, the University of California San Diego, Mira Costa Community College and Palomar College are within a short drive.\n<\/p>\n

\nBuilt in 1973, The Dylan\u2019s unit mix is one-, two- and three-bedroom apartments. The complex\u2019s amenity package includes two swimming pools, two spas, a gym, and a business center. \u201cPrevious ownership tastefully renovated approximately 50% of the interiors,\u201d noted Martin. \u201cFurther upside can be attained by renovating the remaining interiors and by making strategic upgrades to those that have already been touched-up.\u201d\n<\/p>\n

About Institutional Property Advisors (IPA)<\/i><\/b><\/p>\n

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA\u2019s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com<\/a><\/i>.\n<\/p>\n

About Marcus & Millichap (NYSE: MMI)<\/i><\/b><\/p>\n

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry\u2019s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com<\/a>.<\/i><\/p>\n

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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210730005572\/en\/<\/a><\/span><\/p>\n

Gina Relva, Public Relations Director
\n<\/b>
Gina.Relva@marcusmillichap.com<\/b><\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale OCEANSIDE, Calif.–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Dylan, a 208-unit apartment complex in Oceanside, California. The property sold for $74.1 million, or $356,250 per unit. \u201cOceanside is a growing city with single-family home prices rising to all-time highs throughout the submarket,\u201d said Christopher J. Zorbas, IPA executive managing director investments. \u201cThe increasing disparity between monthly living expenses for renting versus owning should sustain low multifamily vacancies and place upward pressure on rental prices for the foreseeable future.\u201d Zorbas, Alexander Garcia, Jr., and Tyler J. Martin represented the seller, 29th Street Capital, and procured the buyer, … <\/p>\n

Continue reading “Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-520860","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nInstitutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/institutional-property-advisors-brokers-74-1-million-north-county-san-diego-multifamily-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Institutional Property Advisors Brokers $74.1 Million North County San Diego Multifamily Sale OCEANSIDE, Calif.–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Dylan, a 208-unit apartment complex in Oceanside, California. The property sold for $74.1 million, or $356,250 per unit. \u201cOceanside is a growing city with single-family home prices rising to all-time highs throughout the submarket,\u201d said Christopher J. Zorbas, IPA executive managing director investments. \u201cThe increasing disparity between monthly living expenses for renting versus owning should sustain low multifamily vacancies and place upward pressure on rental prices for the foreseeable future.\u201d Zorbas, Alexander Garcia, Jr., and Tyler J. 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