Tustin-based River Oaks Management Inc. is the new owner of Terra Oceanside, a 62-unit apartment complex in Northwest San Diego County. River Oaks bought the multifamily property from an Irvine-based family trust for $18.3 million, or $295,161 per unit.
Terra Oceanside, located at 3964 & 3970 Waring Road in Oceanside, was built in 1980 and features a mix of studio, one- and two-bedroom units.
The family trust sold the property as part of a 1031 exchange.
Drew Holden, Matthew Kipp and Tyler Leeson of Marcus & Millichap were the brokers on the deal.
“The listing attracted multiple competitive offers, reflecting strong investor demand in the North County San Diego submarket,” Leeson, executive managing director investments and founder of The Leeson Group of Marcus & Millichap’s Orange County office, said in a statement.