The Capella at Rancho del Oro traded for $ 110 million, making it the most expensive apartment deal on record in Oceanside, a city in San Diego County. West Residential Property acquired the property from FPA Multifamily.

Located near downtown Oceanside, Capella at Rancho del Oro has 284 units and was built in 20021. It is conveniently located near several major employment centers including Rancho Del Oro Technology Park, Palomar Airport, the Ocean Ranch Enterprise Center and Camp Pendleton, which is the region’s largest employer. According to Christopher J. Zorbas, executive director of investments at IPA, this is a unique investment opportunity in the market, which mainly features garden properties from the 60s, 70s and 80s.

Zorbas, Tyler Martin and Alexander Garcia, Jr. represented the seller and secured the buyer in the transaction. This is the second apartment transaction this month in Oceanside. Earlier this month, the Dylan, a 208-unit apartment complex on Los Arbolitos Boulevard, traded at $ 74.1 million. Like the Capella in Rancho del Oro, the property is located near downtown Oceanside and Oceanside Pier, as well as major employment hubs and universities. Half of the indoor units were refurbished at the time of sale, providing some advantage to the buyer through the completion of the improvements. The property has two swimming pools, two spas, a gym and a business center for residents.

The large San Diego market has caught the attention of investors. In May, Blackstone acquired an apartment portfolio of 66 properties from the Conrad Prebys Foundation for $ 1 billion. This is the largest transaction in San Diego history and will make the company one of the largest apartment owners in San Diego. Blackstone purchases the assets in partnership with TruAmerica Multifamily. The deal totals 5,800 apartments, bringing Blackstone’s total market share to 6,700 units worth more than $ 5 billion.

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