Image via Sunterra

Clovis-based real estate investment group IDEAL Capital announced it has sold a San Diego-area apartment complex for 47% more than the 2019 purchase price.

IDEAL sold the 240-unit Sunterra Apartments in Oceanside for $97.5 million, according to a news release. The group initially purchased the property in 2019 for $66.25 million.

IDEAL renovated about half of Sunterra’s units with the addition of stainless-steel appliances, granite countertops, new cabinet faces and tech upgrades. IDEAL also remodeled the fitness center, added a parcel locker service, installed new mailboxes and built new children’s play areas.

“It’s rare to find an asset of this quality in such a supply-constrained market like San Diego County,” said Kevin Conway, managing director of IDEAL Capital Group. “Our team executed the renovation business plan flawlessly, and our invested capital nearly doubled in just under 30 months.”

Maryland-based commercial real estate financing service Walker and Dunlop represented the buyer, Chicago-based 29th Street Capital, as well as IDEAL.