San Diego Business Journal

Oceanside Apartments Sold for $38.25 million

By Lou Hirsh Wednesday, March 5, 2014
Photo courtesy of Institutional Property Advisors

Photo courtesy of Institutional Property Advisors

Sunterra Apartments LLC, which includes Benedict Canyon Equities of Sherman Oaks, has purchased the 240-unit Sunterra Apartment Homes in Oceanside for $38.25 million, according to Institutional Property Advisors, which arranged the sale.

IPA is the multifamily brokerage division of Marcus & Millichap Inc. The seller, Legacy Sunterra Apartments Partners LP of Foster City, was advised by IPA brokers Stewart Weston, Christopher Zorbas and David Sperling, with Michael Walseth of Marcus & Millichap.

The garden-style complex was built in 1974 on 14.2 acres at 3851 Sherbourne Drive, off College Boulevard near state Route 78.