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51-Unit Multifamily Property Trades at $6.9M

CARLSBAD, CA-A Nevada-based LLC snaps up the complex known as Prospect Point Apartments. The new owner is planning a $1.5-million renovation of the circa 1965 development.

By Erin Cassin | Updated on September 11, 2002

CARLSBAD, CA-A Nevada-based LLC has acquired a 51-unit apartment complex in Carlsbad and is planning a $1.5-million renovation of the property, which dates back to 1965.

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.

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