100-Unit Sale Reflects Demand in Tight Market

Canyon Heights Apartments

OCEANSIDE, CA-The sale of a 100-unit apartment complex here illustrates that demand is high but supply is low in the San Diego County market, brokers from the Institutional Property Advisors division of Marcus & Millichap say in this week’s roundup of commercial real estate news in the West. SVP Stewart Weston in the Long Beach office of Marcus & Millichap and VP Chris Zorbas in the company’s San Diego office represented both the buyer and the seller of the property, which is called Canyon Heights Apartments. “There is tremendous demand for larger multifamily assets in San Diego County, and these opportunities are rare in this supply constrained market” Weston says. He says the property, at 180 Canyon Dr., is just off Mission Avenue and is easily accessible from a number of freeways. Adds Zorbas: “The low cost of capital has brought a number of out-of-area buyers to the market. The rental market has tightened recently, and as a result, concessions are leaving the market.” The property comprises a mix of 20 one-bedroom units and 80 two-bedroom apartments, with a resort-style swimming pool, a playground, controlled access and on-site laundry facilities. San Francisco-based Fowler Property Acquisitions acquired the complex. Marcus & Millichap did not disclose the seller or the price, but other sources said the property sold for $12 million.