OCEANSIDE — A sizable Oceanside apartment complex has changed hands after a $77.5 million sale that will transfer control of a 240-unit property on the city’s northern edge.
Sunterra, located at 3851 Sherbourne Drive, is a low-density, garden-style community that sits on about 14.2 acres and consists entirely of two-bedroom units with detached garages. The seller was 29th Street Capital; CBRE brokered the transaction and represented the seller.
What residents will notice
Residents at Sunterra should expect administrative changes tied to new ownership, such as updates to management contacts, maintenance procedures or vendor arrangements. The buyer was not disclosed in public filings.
- Units: 240 two-bedroom apartments.
- Amenities: resort-style pool, fitness center, landscaped courtyards and outdoor gathering spaces.
- Renovations: about 70% of units have already been updated.
CBRE said the brokerage team that handled the sale included Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas, with debt and structured finance support from James Flinn and Justin Fitchett.
“Sunterra attracted strong investor interest due to its scale, coastal location,” said Rachel Parsons, executive vice president at CBRE.
Context for Oceanside and North County renters
The complex was built in 1975 and benefits from proximity to major transportation corridors and employment hubs in North County San Diego. Sunterra’s mix of detached garages and two-bedroom floorplans is relatively uncommon among newer multifamily developments along the coast.
| Item | Detail |
|---|---|
| Sale price | $77.5 million |
| Units | 240 (all two-bedroom) |
| Site area | 14.2 acres |
| Renovation rate | Approximately 70% of units |
Local housing advocates and residents often watch large multifamily transactions closely because new owners can introduce changes in rent strategy, capital improvement plans or property management. City officials say such transactions themselves do not automatically change tenant rights under Oceanside ordinances or state landlord-tenant law.
CBRE noted that Sunterra’s coastal location and scale attracted investor interest in a market where new supply is limited. Beyond that market context, no public statements have been released outlining the buyer’s plans for rents, redevelopment or additional unit upgrades.
For now, day-to-day life at Sunterra — use of the pool, fitness center and common courtyards — should continue under existing landlord arrangements until the new owner communicates any operational changes to residents.
News Block will follow up with any filings or public notices from the new owner and with city housing officials if plans that affect tenants or the property’s footprint are announced.
