CBRE has successfully facilitated the sale of Pure Beach Living, a 40-unit apartment complex located at 662 Tamarack Ave in Carlsbad. The property was sold for $20.9 million and CBRE’s John Newton represented both the buyer, Dunbar Residential Investments in partnership with Long Wharf Capital, and the seller, HFPL Dolphin Beach LLC.
According to Newton, there has been an increase in demand for high-quality assets since the pandemic began. This coastal property was particularly attractive to investors due to its prime location near the beach and limited development opportunities in San Diego.
The mix of all three-bedroom units also added to its appeal and commanded a premium price on the market. The new owners plan on catering to this growing demand by implementing value-add programs and upgrading amenities within the building.
Overall, this acquisition highlights San Diego’s strong economy which continues to attract outside capital from national investors looking for stable investments amidst uncertain times.
