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Sale of Large Apartment Complexes Stabilizing

SAN DIEGO-The sale of large San Diego apartment properties has begun to cool somewhat, with a drop in the number of transactions involving 100 units or more in this year's first quarter, according to recent research.

By Erin Cassin | Updated on June 08, 2003

SAN DIEGO-Although San Diego’s multifamily sector is still experiencing healthy investment activity, recent research on the region shows that the sale of large apartment properties here has begun to cool somewhat.

The research, compiled by Burnham Real Estate Services, points out that while the volume of first quarter 2003 apartment sales in San Diego increased 7.7% from the same period in 2002, the number of units sold dropped by 33.9% due to a decline in the number of transactions involving 100 units or more. “The drop in the number of units sold during the first three months of the year is due to the fact that there was just one major sale of a project with 100 or more units, compared to eight such sales totaling 1,381 units during the first quarter of 2002,” says George Carlson, senior vice president and apartment specialist with Burnham Real Estate Services. “We have essentially entered a period of calm following last year’s record activity in which 21 transactions involving 100-unit-plus projects occurred,” he adds.

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