The property has traded hands in an $8-million acquisition that has been financed with tax-exempt bonds and tax credits. Located at 9322-56 Carlton Oaks Dr., the complex houses a total of 130 units. Both the Santee asset and its San Diego-based seller are named Carlton Country Club Villas.
Steve Huffman of the San Diego office of Hendricks & Partners brokered the transaction, which is the latest in a string of multifamily deals to close in the county. Some other apartment properties that have recently sold here include the 324-unit, $32.5-million Bay View Summit property and the 86-unit, $8.5-million Home Park Village asset in San Diego, as well as the 49-unit, $5.7-million Emerald Vista property in Vista.
The San Diego County apartment sector remains one of the strongest markets in the nation due to its attractive long-term fundamentals. As Marcus & Millichap researchers pointed out in a recent report, "investors believe in the future of the market, as they see a growing number of jobs and low affordability securing a floor under prices."
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