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OCEANSIDE, CA-Condo conversions are facing a glut in most of San Diego’s submarkets. That’s not the case for Oceanside, where a property recently sold for $11.6 million.The 72-unit El Camino View Apartments will undergo a condo conversion and feature units for sale as early as next spring. Condo converter G5 Enterprise Inc. acquired the property from Remco LLC, Grant LLC and Right Brain Productions LLC.Jon Busse of Colliers International represented the sellers. G5 Enterprise Inc. represented itself in the deal. Busse tells Globest.com that the deal is more of a rarity in Oceanside as compared to the rest of the San Diego County.”Oceanside is not allowing any new maps,” Busse says. “The city is only considering condo conversions that have maps already in place.”Busse adds that the market is an anomaly in the county, particularly when compared to the Downtown area, Del Mar and Little Italy, where conversions are in great supply and properties are liberally earmarked for conversion.The El Camino property, which was developed in 1973, received its map in 1982. Due to market conditions in the following years, the property was not converted until now.Sitting on a 3.63-acre site, the property is located about a half mile from a regional Westfield shopping center, according to Busse. After an extensive renovation, G5 will make individual units available for sale. Busse says he expects the units to fetch between $275,000 and $375,000. The property counts 48 one-bedroom and 24 two-bedroom units. “This is definitely an entry level property,” Busse says.Busse, who also markets property in the Phoenix area, recently closed a deal there. He says in marketing properties in both San Diego and Phoenix, he has noticed, “more perceived upside in the near term” in the Phoenix market. He adds, though, that there is no particular area he’s staying away from locally. “You simply have to be cautious about what you pay to go into condo conversions.”

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