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Apartment Project Fetches $14.6 Mil

SAN DIEGO-Purchase of 218-unit complex reflects strong demand for area rentals.

By David M. Kinchen | Updated on August 04, 2000

SAN DIEGO—Locally based R&V Management Corp. has agreed to pay $14.6 million for the 218-unit Oro Vista apartment complex here at 1767 Oro Vista Road.

The selling price reflects the continued strong demand for prime rental properties in coastal areas of the Southland, where little new multifamily construction has taken place and skyrocketing house prices have scuttled the chance for many renters to buy a home. San Diego may be the tightest rental market of all, with a countywide vacancy rate of about 2% and many communities without a single room available for lease, real estate brokers say.

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