The borrower, LOMCO Corp., has secured permanent, fixed-rate financing for its La Terraza Apartments complex, which it plans to hold as a long-term investment, Berry Petro of L.J. Melody & Co. tells GlobeSt.com. Petro, a director based in the firm's San Diego office, arranged the 10-year loan on behalf of the borrower.

Built in 1990, La Terraza Apartments consists of 402 units. Located at 10878 Poblado Rd, the property boasts panoramic views of Rancho Bernardo and Lake Hodges. Amenities here include patios and balconies, washers and dryers, fireplaces and white oak cabinetry, as well as 428 enclosed garages.

San Diego County's apartment market continues to hold the interest of multifamily investors, despite a slight up tick in rents during the first quarter of 2003. The county's overall apartment vacancy level crept up from 3.5% to 3.9%, according to a recent report on the region by Marcus & Millichap Real Estate Investment Brokerage Co. However, Marcus & Millichap's researchers do point out that "while the region's apartment fundamentals have been flat, the imbalance between strong investor demand and a limited supply of for-sale product has caused sales prices to dramatically increase by more than 23% over the past year." According to the research team, the county's multifamily market continues to be a "hotbed of investment activity" with buyers attracted to the area's strong population and job growth and its dearth of affordable housing.