In the larger deal, Fireside Properties bought the 52-unit Hollydale Apartments, located at 12455 Oak Knoll Rd. in Poway, for $4.02 million from Hollydale Investors. The complex was built in 1978 and features 12 one-bedroom and 40 two-bedroom, one-bath units. Fireside Properties represented itself in the transaction.
In Spring Valley, the 28-unit Greenwood Villas, located at 9233 Kenwood Dr., sold for $1.6 million. Investors Dave Pepper and Walter Novick purchased the property. The garden-style complex was built in 1978. Jack Gray of RAMCO represented the buyer in the transaction.
Eric Comer of CB Richard Ellis' San Diego Central office represented the seller in both transactions.
Vacancies have spiraled downward to all-time lows and rents to historic highs as construction has failed to keep pace with demand in San Diego's multifamily market. Accordingly, existing apartment projects continue to fetch record prices and the market continues to churn with transactions.
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