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$13M Buys Condo-Mapped Property in San Diego

SAN DIEGO-WGA Bayview Heights LP acquires the 110-unit apartment complex with plans to convert it into a condominium asset. The purchase is the latest in a string of sales that involve condo conversion opportunities, which is one of the hottest trends to hit the San Diego County multifamily market as of late.

By Erin Cassin | Updated on May 11, 2004

SAN DIEGO-A circa 1979 apartment property that is mapped for condos has traded hands in the city, with buyer WGA Bayview Heights LP shelling out $13.4 million for the asset, which it plans to convert into a condominium complex.Comprised of 110 units, the nine-building asset stands on a 4.2-acre parcel located at 1631-1777 Bayview Heights Dr. The property features a rental office, as well as 200 parking spaces and four laundry facilities. It was 90% to 95% occupied at the time of sale, according to Jim Taylor of Sperry Van Ness.Taylor and Sperry Van Ness colleague David Harrison acted on behalf of WGA Bayview Heights, who has acquired the asset from an entity known as San Diego Bayview Partners LP. The entity decided to sell the complex because it “was intending to exchange out into another property,” Taylor tells GlobeSt.com. He and Harrison also represented San Diego Bayview Partners.This transaction is the latest in a string of sales involving condo conversion opportunities, which is one of the biggest trends to hit the San Diego County multifamily market as of late. “The market for entry-level condominium housing for first-time homebuyers here is red hot,” Taylor explains. “There is a huge demand for it and it’s nice to be able to help provide that type of housing,” he tells GlobeSt.com.

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