A two-property multifamily portfolio in Fallbrook has changed hands in a sale totaling approximately $37 million, with Colliers overseeing the transaction. The portfolio consisted of Amberwood Apartments and Rosewood Apartments, both positioned as established rental communities in the North San Diego County market.
Amberwood Apartments, a 133-unit multifamily property located at 923 Alturas Rd., sold for $24.25 million. Rosewood Apartments, a 73-unit apartment community at 338 Ammunition Rd., traded for $12.4 million. Together, the 206 units represent one of the larger multifamily investment offerings to trade in the Fallbrook area in recent years.
Colliers executive vice presidents Shane Shafer and Brian Anderson represented the sellers in the two transactions. The sellers were Amber Creek Associates LTD for Amberwood Apartments and Rosewood Associates LTD for Rosewood Apartments. The buyers were not disclosed. The brokerage reported that the portfolio drew significant investor interest, supported by the properties’ operating histories and locations within North San Diego County.
According to Colliers, investors were attracted to the portfolio’s combination of established performance and long-term value-add potential. The assets were characterized as well-positioned apartment communities that offer opportunities for new ownership to enhance value through proactive management and operational improvements. This positioning aligned with ongoing demand for value-add multifamily strategies in the region.
The trades also highlight continued appetite for multifamily investments across North San Diego County. Market participants cited the local housing supply constraints and a persistent imbalance between demand and new supply as drivers of long-term multifamily fundamentals in Southern California, which in turn are supporting investor interest in properties like Amberwood and Rosewood.
Shafer noted that opportunistic multifamily investments throughout Southern California continue to attract strong investor attention under these conditions. In his view, the Fallbrook portfolio reflected characteristics that many buyers prioritize today, including value-add potential, sound underlying fundamentals, and the ability to pursue incremental value creation under active ownership. These latest sales underscore how well-located, operationally established apartment communities remain competitive targets in the regional investment sales market.
