Buyer Mnshed N. Al-Mahmodi of La Mesa has picked up the multifamily asset, known as Brisas del Este, from San Diego-based seller Bonsall Cielo LLC for $5.3 million. Bonsall Cielo LLC originally acquired the property late last year for $3.8 million. At the time, the LLC planned to convert the complex's apartment units into condominiums.
Built in 1987, Brisas del Este stands at 31916-18 Del Cielo Este. Featuring Spanish-style architecture, the property includes private garages, a swimming pool and sauna.
The recent transaction was brokered by Steve Huffman and Jules Arthur of the San Diego office of Hendricks & Partners.
San Diego County's multifamily market continues to experience an escalation in sale prices, with a recent report by Marcus & Millichap Real Estate Investment Brokerage Co. noting that the median price is "expected to post a 7% increase over the next year, to $107,000 per unit." The same research points out that the average cap rate has been steadily declining, dropping 100 basis points over the past 12 months to 5.9% at mid-year 2003. However, as Marcus & Millichap's researchers point out, "investors believe in the future of the market, as they see a growing number of jobs and low affordability securing a floor under prices."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
