CBRE has arranged the sale of Sunterra, a 240-unit garden-style multifamily community in Oceanside, in a transaction valued at $77.5 million. The property is located at 3851 Sherbourne Dr. in North County San Diego. CBRE professionals Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas advised the seller, 29th Street Capital, on the disposition. CBRE’s James Flinn and Justin Fitchett provided Debt and Structured Finance support on the assignment.
Sunterra is characterized as a low-density, garden-style apartment property situated on approximately 14.24 acres. Developed in 1975, the community consists of 240 residential units, all configured as two-bedroom layouts. Each unit includes access to a detached garage, underscoring the property’s emphasis on resident parking and storage convenience.
The community offers a range of on-site amenities. These include a resort-style swimming pool, a fitness center, landscaped courtyards and multiple outdoor gathering areas designed for resident use. The combination of low-density site planning and amenity offerings positions the asset within the established multifamily stock of North County San Diego.
Approximately 70% of the units at Sunterra have been renovated, according to CBRE. This level of completed interior work leaves a remaining portion of the unit mix available for future upgrades, while still providing current income from already improved apartments. The balance between renovated and unrenovated units is a key element of the property’s current positioning.
Parsons noted that Sunterra drew strong investor interest, citing its scale and coastal location among the factors that appealed to buyers. She added that the community’s partially renovated condition presents an opportunity within a supply-constrained North County San Diego rental market. That submarket, she said, continues to benefit from what she described as strong fundamentals and sustained renter demand.
The sale of Sunterra highlights ongoing investor focus on North County San Diego multifamily assets that combine established locations, existing amenities and renovation upside. With the majority of units already updated and the remainder still offering potential value through additional capital investment, the property reflects current investor interest in well-located garden-style communities that can serve both current income and longer-term improvement strategies within the local apartment market.
