The transaction yielded multiple offers from a variety of investors, including institutions, sponsored groups, family offices and private individuals.
San Diego - CBRE announced the sale of Sunterra Apartments, an apartment property in Oceanside, Calif. to a Joint Venture between IDEAL Capital Group, a real estate investment group based in Clovis, CA, and Aegon Real Assets US, a division of Aegon NV, a multinational life insurance, pensions and asset management company headquartered in the Netherlands, for $66.25 million.
CBRE’s Dean Zander, Stewart Weston, John Montakab, and Kevin Mulhern represented the seller, a private investment group.
Located at 3851 Sherbourne Dr, the property features 240 units with a mix of spacious two-bedroom apartments. Community amenities include a pool, children’s wading pool, built-in fire pits and barbeques, large common areas, security gates, and a fitness center.
“This was a highly competitive bidding process,” said Montakab. “All the buyers were looking to further improve the property to align themselves with the demands of renters in the thriving Oceanside submarket. Our marketing efforts yielded interest from a variety of investors, including institutions, sponsored groups, family offices and private individuals.” Added Zander, “The burgeoning market coupled with a lack of new development in the area provided an enticing roadmap for a buyer to further improve the existing finishes.”
Sunterra is just a mile from Vista Way, the retail corridor for residents of Oceanside. The property is centrally located and in commuting distance to Camp Pendleton, Genentech Pharmaceuticals, UC San Diego, Coca-Cola, Legoland, and the Tri Cities Medical Center.
“Oceanside is a high-barrier-to-entry market in transition,” said Austin Herzog, president of IDEAL Capital Group. “As one of California’s last affordable beach cities, Oceanside offers residents perfect year-round weather and the ability to access some of the world’s top employers. We plan on converting Sunterra into an amenity-rich home for value-conscious residents of North San Diego County.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
