Condo-Mapped Complex Nets $25M

SAN DIEGO-With an increasing amount of multifamily investors turning their attention to condo-mapped properties in San Diego County, one such asset has recently traded hands here for $25 million or $156,250 per unit.Buyer Pacifica College LP plans to convert the local apartment property into a condo complex, according to Andrew Luce of Colliers International. Luce, along with Colliers International colleague Savvas Marinos, acted on behalf of both the buyer and the seller, Time Development LLC, in the recent transaction. The transformation of the complex, presently known as College Park Apartments, is expected to begin sometime this summer.College Park Apartments, which has been mapped for condos since its completion in 1972, is currently comprised of 160 units. The mix breaks down as 24 one-bedroom, one-bath designs; 88 two-bedroom, one-bath layouts; and 48 three-bedroom, two-bath townhomes. The asset stands at 6333 College Grove Way in the Chollas Heights area of San Diego. It was approximately 97% occupied at the time of sale, Luce says. Amenities include three laundry rooms, three swimming pools, and approximately 300 carports and parking spaces.Time Development LLC decided to sell College Park Apartments because of today’s extremely favorable climate surrounding condo-mapped properties in San Diego County, according to Luce. The seller “wanted to take advantage of the high demand for condo conversions and at this point, the pricing that goes along with that,” he tells GlobeSt.com. Luce says that there has been a rise in the sales of condo-mapped properties in recent months, as owners realize that now is the opportune time to cash in on these assets. He points out that a lot of his clients with condo-mapped apartment properties who were not interested in selling a year or two ago have suddenly changed their minds. “With the high demand of the condo conversion market, it is really hard for them not to sell at this time,” he tells GlobeSt.com.