Oceanside Apartments Bring $9.45 Mil

OCEANSIDE–The sale of a 136-unit apartment complex here for $9.45 million is further evidence that San Diego’s torrid rental market has spread countywide.

The Bascom Group LLC, headed by managing directors Jerome Fink and David Kim, bought the Raintree Apartments at 3699 Bernard Dr. fromOceanside Raintree Apartment LP, a partnership headed by Donald Chandler and Robin Hemingway. The property, which is located on 11 acres, was built in 1978 and consists of 68 one-bedroom units and 68 two-bedroom units. The facility has a pool, spa, racquetball, tennis and volleyball courts and other amenities.

The buyers were represented by Diane Miramontes of the San Diego office of Business Real Estate Brokerage Co. The sellers represented their own interests.

San Diego County’s apartment sales are the strongest in more than a decade. Multifamily projects with a total of 4,646 units have been sold in 265 transactions countywide during the second quarter of 2000. This the highest level of activity in the multifamily housing market since the second quarter of 1990, according to San Diego-based Burnham Real Estate Services.

The quarter included numerous properties that have more than 100 units and sold for more than $100,000 per unit–another reflection of a strong market, which is driving up rents. As supply shrinks, investors are jacking up rents to make their purchases pencil out, according to a Burnham report.