August 8, 2019 – Cushman & Wakefield announced today the firm has advised the sale of a 12-unit apartment complex in downtown Oceanside (San Diego), California for $3.8 million. Located at 202 S. Nevada St. in the heart of downtown, the property was acquired by Home 619, LLC. The seller was Goldman Family Trust.
Cushman & Wakefield multifamily experts Ray Adams and Clark Rorbach in San Diego represented the seller in the transaction. The buyer was represented by Brian Yui of Home Rebate.
The seller, also with the assistance of Ray Adams and Clark Rorbach, will be combining the proceeds from this disposition together with other sales to exchange into one larger multifamily investment. And the purchaser had sold eight individual condominium units at other properties to be able to exchange into this Oceanside building.
Ray Adams said, “202 S. Nevada is a transit-oriented multifamily property offering a desirable unit mix of two- and three-bedroom units all with one-car garages, plus on-site laundry services—some units also have private patios and balconies. A new roof was also recently added. The property is desirably within walking distance of the beach, shopping, entertainment, and the Oceanside transit center, plus easy access to Interstate 5.”
Adams continued, “This is a great value-add asset, and with rents currently below-market and positioned within an improving and also amenitized neighborhood, could offer the potential for additional income growth.”
Clark Rorbach said, “Already recognized as a beach lovers paradise, the real estate market in Oceanside has continued to experience dramatic improvements in new building along with value and rent appreciation. In particular, the downtown area of Oceanside has become the favored location for millennials. New restaurants, breweries, shops and entertainment are common and thriving, while beautification upgrades are being made.”