CBRE Arranges $77.5 Million Sale of Sunterra Apartments in Oceanside, California

CBRE facilitated the $77.5 million sale of Sunterra, a 240-unit multifamily community located at 3851 Sherbourne Drive in Oceanside, California. CBRE represented the seller, 29th Street Capital, in the transaction.

Sunterra is a low-density, garden-style apartment community situated on approximately 14.24 acres in North County San Diego. Built in 1975, the property comprises 240 units, all configured as two-bedroom residences, each with a detached garage.

CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas advised the sellers, and Debt and Structured Finance support was provided by James Flinn and Justin Fitchett.

“Sunterra attracted strong investor interest due to its scale, coastal location,” said Rachel Parsons, executive vice president at CBRE. “With a significant portion of units already renovated, the property offers an opportunity in a supply-constrained North County San Diego market that continues to benefit from strong fundamentals and sustained renter demand.”

The community features a range of amenities, including a resort-style pool, fitness center, landscaped courtyards and outdoor gathering areas. Approximately 70% of the units have been renovated.

Located along the Interstate 78 corridor, the property benefits from proximity to one of San Diego County’s key employment hubs. The surrounding submarket continues to demonstrate strong demographic fundamentals and sustained renter demand.

According to CBRE Research, San Diego’s multifamily market continues to benefit from limited new supply, strong population growth, and a diverse employment base anchored by the life sciences, technology, and defense sectors. Coastal submarkets such as North County San Diego remain highly desirable due to constrained development pipelines, proximity to major job centers, and relative affordability compared to homeownership, which supports long-term rent growth and occupancy stability.