Steve Nazaroff of Land Advisors Organization, California Division represented the buyer Mirka Investments in the transaction.
El Camino Commons Overview
Land Advisors is pleased to announce the successful sale of “El Camino Commons”, a four-story residential development which will feature 111 two- and three-bedroom affordable apartment units in Oceanside, California. This affordable housing community targets residents with household incomes ranging from 30% to 80% of the area’s median income.
The property has been acquired by Mirka Investments, a specialized real estate development company with extensive experience in creating quality affordable multifamily housing. Mirka Investments has built a strong reputation for developing rental communities that serve diverse populations, including low-income families, veterans, senior citizens, individuals transitioning from homelessness, and residents with developmental disabilities.
Project Background and Transformation
The El Camino Commons property, conveniently located close to retail amenities, public transportation and essential services, was previously planned to be a Medical Condominium Project, and now has been entitled by Mirka Investments to become a much needed affordable multifamily housing property. The successful completion of this complex transaction required extensive collaboration between multiple stakeholders, including Mirka Investments, the City of Oceanside, Key Bank, WNC, the Seller, and various municipal agencies and partners.
This development aligns with California’s Housing Element requirements, which mandate that local governments work to meet the housing needs of all community members. These regulations require cities and counties to incorporate affordable housing strategies into their General Plans, with Housing Elements updated every eight years and annual progress reports demonstrating compliance with state housing goals.
“This acquisition represents Mirka Investment’s continued commitment to addressing affordable housing needs across underserved communities while maintaining high standards in property development and management.”
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Land Advisors Organization
Land Advisors Organization
Land Advisors Organization
Land Advisors Organization
Land Advisors Organization
Land Advisors Organization
