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$19M Deal Marks Another Condo Conversion Sale

OCEANSIDE, CA-With condo fever continuing to sweep through San Diego County, the Parkview Village Apartments has been snapped up here by a buyer planning to convert the property into a condominium complex.

By Erin Cassin | Updated on May 02, 2004

OCEANSIDE, CA-With the San Diego County investment community continuing to bank on condo product, yet another multifamily buyer has snapped up an apartment asset here with plans to convert the project into a condominium complex. Los Morros 124 LLC has shelled out $19 million for the Parkview Village Apartments located in Oceanside. The property, which was constructed in 1985, stands at 5013 Los Morros Way. It is comprised of 32 one-bedroom, one-bath units encompassing 740 sf each; 78 two-bedroom, two-bath layouts of 900 sf each; and 14 three-bedroom, two bath designs spanning 1,144 sf each. All of the 124 units feature balconies or patios, individual garages, and washer and dryer hookups. Exterior amenities include a pool, spa, and children’s playground. The new ownership plans on transforming Parkview Village Apartments into a condominium complex, according to Diane Miramontes and Darcy Miramontes of Grubb & Ellis/BRE Commercial, who brokered the recent transaction. Once the conversion is completed, the property’s name will be changed to Stonemark at Los Morros.The Miramontes brokerage team acted on behalf of both Los Morros 124 LLC and the seller, Parkview Apartments Oceanside LLC. According to the brokers, the acquisition was financed with a new first trust deed and note of $20.4 million in favor of City National Bank. Escrow services were handled by Debbie Calmelat of Land America/Commonwealth. Jim Sardo, also with Land America/Commonwealth, was the title representative.

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