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Oceanside Asset Nets $108,000 Per Unit

OCEANSIDE, CA-Built in 1980, the multifamily property stands on a 1.2-acre lot located at 2326 Greenbrier Dr. in Oceanside. It is comprised of 25 apartment units.

By Erin Cassin | Updated on March 16, 2004

OCEANSIDE, CA-With San Diego’s coastal markets still sizzling, a 25-unit apartment complex known as Pine Tree Apartments has traded hands here for $108,000 per unit, or $2.7 million total. This price reflects a sizable leap in value for the asset, which traded hands in March 1988 for $1.2 million.

The deal presented a “perfect turnaround opportunity,” due to the property’s upside potential and great location, according to Craig Rubin of Rubin & Associates. Rubin, who acted on behalf of the buyers, tells GlobeSt.com that “the market is very heated right now.” As he points out, “the surplus of buyers and shortage of inventory is driving prices higher, especially for well-located or coastal properties.”

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