The buyer, 2303 Ocean Apartments I LLC with Timothy W. Clark as managing partner, has shelled out $6.9 million for the complex, which is known as Prospect Point Apartments. Located on a 3.07-acre parcel at 2303-2327 Ocean St., the property is just yards away from the ocean, says Craig H. Rubin of Rubin & Associates.
Rubin, who represented the buyer in the transaction, tells GlobeSt.com that the deal presented a "rare opportunity" for the LLC, as property so close to the ocean is a scarce find in Carlsbad. "It is a very hot submarket right now," he explains, adding that the lack of supply has caused investors to start buying up older product and rehabbing it. "There is a lot of money chasing very few deals right now," Rubin says.
Prospect Point Apartments, which features both lagoon and ocean views, is managed by 2303 Ocean Apartment Services Inc. with Clark serving as CFO, president and secretary. The property, which does have a pool, consists of 17 one-bedroom units and 34 two-bedroom, two-bath units.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
