San Diego Source

Friday, August 5, 2016

Ocean Villas at Carlsbad, an eight-unit, ocean-front apartment complex at 2895 Ocean St. -- and Grand Avenue -- in Carlsbad 92008, has been sold for $7.3 million ($912,500 per unit, or $784.95 per-square-foot).

The buyer was In Eden Properties LLC, a Nevada limited liability company, 13626 Via Viejo, San Diego 92130. Marcella M. Katz is the manager of In Eden. The acquisition was financed with a loan of $3.1 million from First Republic Bank (NYSE: FRC).

The seller of the property (assessor's parcel203-235-06) was Carlsbad Shores LLC, a California limited liability company. The managing members of Carlsbad Shores are Maichen Group and the Cima Living Trust. William A. Goodin is president of Maichen, and William M. Cima and Saundra L. Cima are the trustees of the trust. The approximately 9,300-square-foot apartment building is located directly on the sands of Carlsbad State Beach.

Investment specialists Aaron Bove and Mike Greiner, with Marcus & Millichap's San Diego office, represented the seller. The buyer was represented by Bove and Ben Tashakorian, also an investment specialist in Marcus & Millichap. The property is currently being operated as vacation rentals, according to John Vorsheck, regional manager of the local Marcus & Millichap office.