Colliers Brokers $36.65 Million Fallbrook Apartment Portfolio Sale, Including Rosewood Associates LTD's 73-Unit Rosewood Apartments

Fallbrook, Calif. — Colliers announced the sale of a two-property multifamily portfolio in Fallbrook, California, with a combined value of approximately $37 million. The portfolio includes Amberwood Apartments, a 133-unit community that sold for $24.25 million, and Rosewood Apartments, a 73-unit community that sold for $12.4 million. The firm announced the transactions on Oct. 6, 2026.

Colliers Executive Vice Presidents Shane Shafer and Brian Anderson represented the sellers, Amber Creek Associates LTD and Rosewood Associates LTD, respectively. Together, the two properties total 206 apartment units, with an aggregate price of $36.65 million, or roughly $177,913 per unit.

Portfolio Sale Details: Amberwood and Rosewood Apartments

Amberwood Apartments is located at 923 Alturas Road in Fallbrook. Its $24.25 million sale price equates to about $182,331 per unit. The community offers one- to three-bedroom units.

Rosewood Apartments, at 338 Ammunition Road, sold for $12.4 million, or about $169,863 per unit, roughly 6.8% below Amberwood's implied per-unit price. Rosewood Associates LTD was the seller of that property. The community offers studio, one-bedroom and two-bedroom units.

Amberwood accounts for about 66.2% of the portfolio's units and 66.2% of its stated value. The portfolio's roughly $37 million figure corresponds to the two sale prices, which total $36.65 million.

Colliers said the properties drew significant investor interest because of their established operations, desirable locations and long-term value-add potential. The firm described the sales as among the larger multifamily investment opportunities traded in the Fallbrook market in recent years.

Fallbrook Location and North San Diego County Appeal

Both communities are located in the heart of Fallbrook, which Colliers described as one of North San Diego County's most established residential markets. The firm cited the properties' proximity to major employment hubs, including Oceanside, Vista, San Marcos, Escondido, Carlsbad and Camp Pendleton, as well as regional transportation corridors, shopping destinations and recreational amenities.

"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 Shane 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."

"Multifamily continues to be one of the most durable and widely favored asset classes among investors," said Brian Anderson. "Transactions such as these demonstrate the ongoing demand for high-quality communities that have established their relevance and performance over time."

San Diego Multifamily Market Context

The sale comes as the broader San Diego apartment market shows mixed indicators. Multifamily vacancy in San Diego reached 5.5% in the second quarter of 2026, up from 4.9% a year earlier, while average asking rent rose 0.82% year over year to $2,453 per unit per month. Average multifamily pricing in the metro area was approximately $398,509 per unit, with an average capitalization rate of 4.7% for the quarter.

The portfolio's implied pricing of about $177,913 per unit is substantially below the San Diego-wide average, consistent with the properties' location in a smaller submarket.

Older, lower-tier product has shown relative resilience. Vacancy for Class B and C properties was 3.3% in the first quarter of 2026, compared with 6.4% for Class A properties. San Diego was also expected to receive nearly 5,900 new units in 2026, with vacancy projected to rise to 5.1%, while average effective rents were forecast to increase 1.2% after declining 2% in 2025.

Outlook for Southern California Multifamily

Colliers said the portfolio sale adds to a growing body of multifamily transaction activity across Southern California, where established apartment communities continue to play a role in meeting regional housing needs. Market data points to selective demand rather than uniform strength: rents are growing slowly and vacancy is above the prior year, while elevated interest rates have pushed cap rates higher.

For more information, media inquiries may be directed to Leanne Daly, Manager, PR & Communications, U.S. West Region, at Colliers.

Sources

• Colliers: ±$37 Million Sale of North County San Diego Apartment Portfolio Highlights Demand for Established Multifamily Assets