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ENCINITAS, CA-In the latest sign that San Diego multifamily product is still the darling of the local commercial real estate industry, a 56-year-old apartment complex in Encinitas has recently sold for $216,666 per unit.

A group of private investors has shelled out $1.3 million for the six-unit asset, known as 3rd St., which was sold by Richard and Jeanne Waite of San Diego. Located just one block from the ocean, the property stands at 203-13 3rd St in a primarily single-family residential area. The complex consists of three single-level structures that house four one-bedroom, one-bath units; one two-bedroom, one-bath apartment; and one two-bedroom, one-bath unit with a den.

Chad Bramwell of the San Diego office of Hendricks & Partners acted on behalf of the sellers, who had recently renovated the circa 1947 property. Bramwell also represented the buyers, Steven L. Parkes, Charles and Linda Graham and Richard Hanson.

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