CBRE recently completed the sale of a 25-unit multifamily property located at 2326 Greenbrier Dr. in Oceanside’s Loma Alta neighborhood for $8.62 million to a private investor. The transaction, which represents $344,800 per unit and $447 per square foot, was facilitated by EVP Dan Blackwell, first VP Mike O’Neill and associate Amanda Fielder on behalf of the buyer – a repeat client based in San Diego County.
According to O’Neill, “Hillsborough Apartments currently have rents that are significantly below market value. This presents an opportunity for the buyer to increase rental income and improve their closing cap rate from 4.59% to 5.85%. Additionally, there is potential for further income growth through converting a storage room into an Accessory Dwelling Unit.”
Originally built in 1980 with recent renovations completed in 2019,the property offers a mix of one-bedroom units and two-bedroom townhome-style units with spacious patios or decks – some even featuring ocean views.
This successful transaction highlights CBRE’s expertise in facilitating multifamily sales within Southern California’s competitive real estate market.
