SAN DIEGO-New York City's Praedium Group and Charleston, SC-based Greystar Real Estate Partners have acquired the 112-unit Sunset View Apartments in nearby Oceanside from private investors for $20.175 million, according to Hendricks & Partners. The property, at 2500 Sea Cliff Way, is a 14-building complex of 56 one-bedroom and 56 two-bedroom units that was built in 1990 and was 97% occupied at the time of the sale.

According to senior investment adviser David Andrews of the San Diego office of Hendricks & Partners, the property generated multiple offers from local and regional investors as well as a few REITs. Andrews represented the sellers, Los Altos LLC, West Prince Road LLC, East Roger Road LLC, 250 North Arcadia LLC, Westgate Park LLC and Big Rock Palermo LLC of Los Angeles. Cap rate and GRM were undisclosed for the acquisition, which marks Praedium’s fourth with Greystar, including their most recent Broadstone at the Ranch, a 256-unit apartment property in Westminster, CO the partnership purchased for nearly $22 million.

Located in the Rancho del Oro submarket of Oceanside, the complex has a final condominium map in place, according to a Hendricks & Partners marketing brochure for the property. Russell Appel, President of the Praedium Group, says that Praedium sees the San Diego apartment market as "well-positioned to capitalize on the improving economy," adding that the new owners believe the property can be enhanced with a capital improvement program.

Greystar manages several properties in Northern San Diego, notes Kevin Kaberna, managing director and head of investments for Greystar in the Central and Western Region. He says that the capital improvements program for the Oceanside complex will include improvements to the unit interiors and exteriors as well as the property's clubhouse.

The Henricks & Partners brochure notes that the complex, spread over 22 acres, is within walking distance of the new Sprinter Rail Line station connecting Oceanside to Escondido along the Highway 78 Corridor. It offers "resort-style living with a fitness center, a pool and spa, barbecue area, clubhouse and on-site rental office," according to the marketing materials.