North County Apartment Duo Trades for $37M

North County Apartment Duo Trades for $37M
News| October 14, 2026| Paul Bubny
California & West + Apartment Buildings

Colliers finalized the sale of a two-property multifamily portfolio in Fallbrook totaling approximately $37 million in value. The portfolio included Amberwood Apartments, a 133-unit community at 923 Alturas Rd., which sold for $24.25 million, and Rosewood Apartments, a 73-unit apartment community at 338 Ammunition Rd., which sold for $12.4 million. EVPts Shane Shafer and Brian Anderson represented the sellers, Amber Creek Associates LTD and Rosewood Associates LTD, respectively, in the transactions.

Among the larger multifamily investment opportunities traded in the Fallbrook market in recent years, these properties generated significant investor interest due to their established operations, desirable locations, and long-term value-add potential. The transactions reflect continued demand for well-positioned apartment communities throughout North San Diego County.

“Opportunistic multifamily investments throughout Southern California continue to attract strong investor interest, driven by the region’s constrained housing supply and persistent supply-demand imbalance, which continue to support positive long-term fundamentals,” said Shafer. “Amberwood and Rosewood each offered characteristics buyers continue to prioritize, including value-add potential, strong underlying fundamentals, and opportunities to enhance value through proactive ownership and operational improvements.”

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