The buyer, 2303 Ocean Apartments I LLC with Timothy W. Clark as managing partner, has shelled out $6.9 million for the complex, which is known as Prospect Point Apartments. Located on a 3.07-acre parcel at 2303-2327 Ocean St., the property is just yards away from the ocean, says Craig H. Rubin of Rubin & Associates.

Rubin, who represented the buyer in the transaction, tells GlobeSt.com that the deal presented a "rare opportunity" for the LLC, as property so close to the ocean is a scarce find in Carlsbad. "It is a very hot submarket right now," he explains, adding that the lack of supply has caused investors to start buying up older product and rehabbing it. "There is a lot of money chasing very few deals right now," Rubin says.

Prospect Point Apartments, which features both lagoon and ocean views, is managed by 2303 Ocean Apartment Services Inc. with Clark serving as CFO, president and secretary. The property, which does have a pool, consists of 17 one-bedroom units and 34 two-bedroom, two-bath units.

A partnership known as RBJ Enterprises has sold the complex to the LLC. RBJ's general partner is the Rombotis Family Trust, which counts Jerry L. Rombitis, Daisy Diane Rombitis and Marty R. Rombitis as trustees. Tim Hoffman and Lou Torio of Lou Torio Brokerage acted on behalf of the partnership in the recent transaction.