Known as El Norte Heights, the property houses a total of 104 units. It is located at 145-225 W. El Norte Parkway. The buyer, Melroy Investments with Jack Melroy as president, has shelled out a total of $13.4 million for the asset.

Dick Bassett of the San Diego office of Hendricks & Partners brokered the transaction. The seller was Income Growth Properties Ltd. IX (IGP IX) El Norte Heights LP. IGP IX was formed in 1987 by Income Growth Properties, with David Mauer as president, for the specific purpose of acquiring Del Norte Heights and another North County apartment complex located in San Marcos. Both properties were purchased from the developers, who had not previously placed the assets on the market. IGP IX has also sold off the San Marcos property, which houses 84 units. That asset fetched $10.5 million in October of last year.

According to recent research by Marcus & Millichap, "investment activity is expected to stay heated in 2004, as improving fundamentals are likely to keep a steady stream of buyers entering the market." Marcus & Millichap's researchers also point out that "since lending rates are still favorable, buyers have been able to compete aggressively with one another." The countywide average sale price increased 19% last year to $104,000 per unit.