United Development Group has acquired the asset, which stands at 1165 Decker St. here, from independent investor George Price. David Harrison and Jim Taylor of Sperry Van Ness acted on behalf of United Development Group, while George Price represented himself.
Encompassing 14,544 sf, the property is comprised of three separate buildings that house four three-bedroom, one-bath units and 15 two-bedroom, two-bath units. Rents at this circa 1985 complex range from $775 to $900.
The local sale is another example of the current appeal of condo-mapped assets, as United Development Group plans to convert the apartment complex into a condominium property within the next several months. According to the experts, more apartments were converted and sold as condominiums in the first three quarters of 2003 than in each of the previous three years combined. As a result, the value of many condo-mapped properties has increased dramatically, thus causing sales that may have not otherwise occurred.
Condo-mapped properties are another hot commodity, as 90% of the condo conversion projects occurring in the Southland over the past four years took place in San Diego, according to Vallera. Conversion activity here reached a crescendo last year, as Vallera says "more apartments were refurbished and sold as condominiums in the first three quarters of 2003, than in each of the previous three years combined."
New construction of condo units is also on the rise, with the number of condominium permits issued in 2003 rising by 57.9%, according to newly released research by Burnham Real Estate. The number of permits jumped to 2,843 new units at a value topping $402 million, which reflects an increase from the 1,800 permits issued at a value topping $271 million in 2002.
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