The Flats, a three-story mixed-use building at 1931 South Coast Highway in South Oceanside, changed hands this month for $14.425 million, landing in the portfolio of the Dan and Cynthia Kronemyer Family Trust. Completed in 2024, the boutique coastal property includes 18 residential units stacked over two ground-floor retail spaces, giving the buyer an instant rent roll just a short walk from the beach. CBRE marketed the sale on behalf of seller FABRIC Investments and handled the transaction through its Southern California multifamily team.
Transaction details
CBRE facilitated the $14.425 million sale of The Flats and identifies the Dan and Cynthia Kronemyer Family Trust as the buyer, as reported by ConnectCRE. The CBRE team of Rachel Parsons, Philip Buckley and Anna Kampling represented FABRIC, while Conor Brennan represented the buyer. The Flats is a recently delivered coastal multifamily property with modern finishes, ground-floor retail, and a location that continues to see steady demand, Parsons said.
What the building includes
Units at The Flats feature ceiling heights ranging from 10 to 17.5 feet, custom cabinetry, quartz countertops, Samsung appliances with Bosch cooktops, and in-unit washer and dryer setups, according to The Flats Oceanside. Level 3 Construction, which built the project for client FABRIC Investments, describes The Flats as an 18-unit mixed-use development with roughly 2,785 square feet of street-front retail and notes that the project delivered in 2024.
Why buyers are paying up
The limited supply of newly delivered, beach-proximate properties in North County was a key selling point highlighted by brokers and in coverage of the deal, according to ConnectCRE. Public rental listings show asking rents for units at The Flats clustered at roughly $3,200 to about $4,700 per month, underscoring the immediate income profile that likely appealed to the buyer, per local rental listings.
What this means locally
The sale adds to a wave of investor interest in amenity-rich, infill coastal developments across North County and leaves the new owner with an operating residential portfolio plus two street-facing retail spaces that brokers see as having long-term upside. MLS records reproduced by listing services show the sale recorded on Feb. 3, 2026, for $14,425,000, corroborating the brokerage announcement.
