Walden Residential of Dallas sold the Felicita Creek Apartments at 301 W. Vermont Ave., to Marc Gosselin of Solano Beach, according to David A. Wetta, managing director of Marcus & Millichap Real Estate Investment Brokerage Co.
Peter Katz and Darrell Moffitt of the Phoenix office of Marcus & Millichap, and John Garner of the brokerage's San Diego office represented both the buyer and seller.
The sale and continued heat generated by apartment sales reflects the relative stability of San Diego County's multifamily market.
The most recent data from the RealFacts December survey of 429 large apartment complexes in San Diego County shows the year-end average occupancy rate was 95.8%‹falling just 1.9% over the year, while some other California markets have posted double and even triple that amount.
The diverse county employment base, including defense-related industries, has helped the area avoid some of the impact the recession has caused elsewhere, Cox says. The unemployment rate for the county in December was 3.3%, 2.5% lower than the national rate.
"Should this strength continue, it bodes well for the eventual absorption of these new apartments," Cox says.
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