Dunbar Residential Investments, in partnership with Long Wharf Capital, acquired Pure Beach Living (formerly known as Tamarack Sands Apartment Homes), a 40-unit residential property in Carlsbad, California for $20.9 million ($522.5k/unit).
The community offers all three-bedroom floorplans, averaging 1.2k sf in size. Each unit features custom countertops and cabinets, upgraded fixtures, stainless steel appliances, large closets, and a private patio. Originally built in 1978, the gated community features a pool and spa and barbeques.
Located minutes west from Interstate 5, Pure Beach Living sits just 0.4 miles from the Pacific Ocean. The community is surrounded by various dining, nightlife, and shopping destinations.
CBRE‘s John Newton represented both the buyer and the seller, HFPL Dolphin Beach LLC, in the transaction. The buyers plan to cater to the growing household tenant base by implementing a value-added program and by upgrading the building and its amenities.
“We’ve seen a flight to quality across asset classes post-pandemic, and this was a unique and highly prized coastal asset, so interest was strong,” said Newton. “San Diego is increasingly attracting capital from outside markets as investors, nationally, remain bullish on the strength and stability of the San Diego economy coupled with an extremely constrained development environment.”
“The rarity of the all three-bed mix, plus the proximity to the beach, commanded substantial interest and a premium in the market. Most apartments under development are small units. There aren’t enough three-bedroom units to meet demand as households grow and single-family housing opportunities become scarcer,” added Newton.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
