29th Street Capital has acquired Sunterra Apartments from Ideal Capital Group for $97.5 million. The acquisition marks the firm's fourth purchase in the Southern California. Haven Residential, 29SC's in-house property management company, will handle management and leasing.

Located in Oceanside, a city in the greater San Diego market, Sunterra Apartments is a class-B property with 240 units and a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to execute a capital improvement plan with upgrades to unit interiors, including stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry, and the building exterior by updating the roof, wrapping balconies in wood paneling, and replacing windows and glass doors.

Shortly after the start of the pandemic, multifamily transactions in San Diego quickly came to a standstill due to a lack of for-sale opportunities. JLL's Darcy Miramontes, said, "The appetite for investment in multifamily in San Diego continues to be strong and will be evident when more product comes to market."