SAN DIEGO-Property West has acquired the 300-unit Cardiff by the Sea apartment complex from Essex Property Trust for $71 million in what Cushman & Wakefield describes as the largest multifamily sale in San Diego County this year. Ed Rosen, executive director with Cushman & Wakefield, says that the sale of the 300-unit complex, which is located at 2170 Carol View Dr. in the North San Diego County coastal community of Cardiff by the Sea, “demonstrates the strength of the San Diego County rental market and long-term positive outlook for core locations and quality assets.”
Rosen, along with John Chu and Alejandro Lombrozo of Cushman & Wakefield represented Property West, led by its president Mark Gosselin–and the seller–Essex Property Trust. They report that Property West assumed the loan on the transaction and will hold the property as an investment. Rosen describes the Cardiff by the Sea complex as “a well-positioned property in a market that enjoys less than 4% apartment vacancy, a number that is anticipated to drop even further as demand for rental housing continues to grow.”
The complex is situated on a 21.86-acre site and totals 284,360 rentable sf in units ranging from one to three bedrooms and from 700 sf to 1,160 sf. Amenities include two swimming pools, three spas, two tennis courts and a fitness center. The property is close to the beach, with quick access to Interstate 5 and a variety of shopping, dining and entertainment venues.