OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million.
Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center.
29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors.
Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.