With high demand for rental space in San Diego, investors are continuing to take interest in the region’s multifamily sector. In a recent transaction totaling $45.5 million, or approximately $406,250 per unit, Sunset View was purchased by SOuthern California-based Silver Star Real Estate. The property was sold by Blackstone Group, according to information obtained in a third quarter San Diego multifamily market report from brokerage firm Kidder Mathews.
Located at 2500 Sea Cliff Way in Oceanside, Sunset View contains a mix of one to two bedroom units ranging 760 to 1,000 square feet. The property was built in 1990 and reaches two stories.
The residential community also contains a variety of tenant amenities, including a barbecue and picnic area, pool and spa, high-speed internet access, an interactive dog park, private balconies and yards attached to units, upgraded appliances, a renovated clubhouse and resident lounge and a fitness center.
The property is located in Oceanside’s Mira Costa neighborhood. The community is approximately 39 miles north of downtown San Diego, offering oceanfront views and nearby shopping and dining amenities. The area is also home to Mira Costa College and Henie Hills, a historic area known for its large upscale homes. El Camino Countryclub as well as several community parks are also within the immediate vicinity of the property.
In the greater San Diego area, market conditions continue to improve, allowing the number of units sold in the region to increase. In the past year, the amount of units sold in San Diego jumped from just under 8,000 in 2020 to approximately 14,000 at the same time in 2021, the report from Kidder Mathews showed.
This comes as more renters are occupying space in the San Diego region. According to the report, the vacancy rate decreased approximately 44 percent from 4.3 percent in the third quarter of 2020 to 2.4 percent in the third quarter of 2021. At the same time, rental rates are continuing to increase. In the third quarter of 2021, Kidder Mathews reported average asking rental rates in San Diego were approximately $2,001 per month, while at the same time in 2020, they were $1,795 per month.