The 40-unit community sale was the largest in coastal Carlsbad this year at the time of purchase.
CARLSBAD, Calif. – November 6, 2024 – CBRE arranged the $20.9 million ($522,500 per unit) sale of the 40-unit Pure Beach Living located less than a half mile from the beach at 662 Tamarack Ave., in Carlsbad, Calif. CBRE’s John Newton represented both the buyer, Dunbar Residential Investments, in partnership with Long Wharf Capital, and the seller, HFPL Dolphin Beach LLC, in the transaction.
“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 community offers all three-bedroom floorplans, averaging 1,200 sq. ft. 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.
“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.
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.
Located minutes west from Interstate 5, the property sits just .4 miles from the Pacific Ocean. The community is surrounded by various dining, nightlife, and shopping destinations.
“Carlsbad and north coastal San Diego only see a handful of trades yearly. Just a few blocks from Tamarack Surf Beach, the sale of Pure Beach Living marks the largest in coastal Carlsbad this year at the time of purchase,” said Newton.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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. Please visit our website at www.cbre.com.
About Dunbar
Dunbar is a private equity real estate investment firm focused on repositioning commercial real estate properties. Founded in 2011, Dunbar has acquired over four million square feet of office, industrial, and multifamily properties through strategic partnerships with private and institutional capital sources. Dunbar is focused on minimizing risk while achieving strong risk adjusted returns. For further information, visit: www.dunbarinvestments.com
Long Wharf Capital LLC
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested $1.4 billion of equity in more than 80 investments across the U.S. with an aggregated gross cost of $4.1 billion. For further information, visit: www.longwharf.com
