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Condo Demand Heats Up With Another Sale

MIRA MESA, CA-A San Diego investor snaps up another apartment asset here, with plans to convert the property into a condominium complex. The transaction is worth $13.5 million.

By Erin Cassin | Updated on May 25, 2004

MIRA MESA, CA-Demand for condominium product shows no signs of slowing, with another apartment asset selling to a San Diego investor who plans to convert the property into a condo complex. Buyer DJF 2000 LLC has picked up the Camelot Mesa Townhome Apartments property in this San Diego submarket for $13.5 million. Located on a 2.3-acre site at 10208 Maya Linda Rd., the asset is visible from Interstate 15 and Carroll Canyon Road. Constructed in 1980, it features townhouse-style units and an amenity mix that includes a swimming pool, recreation room and a rental office that will be converted into a gymnasium, according to Jon Busse of Colliers International, who acted on behalf of seller Diamond I CA LLC. The property was 100% occupied at the time of sale by tenants with month-to-month leases, Busse tells GlobeSt.com. The conversion of the property, which is condo-mapped, will begin this summer.Camelot Mesa’s buyer also recently acquired the Cumberland, which is another local apartment asset with a condo map in place. In that deal, the 144-unit property traded hands for $27.5 million, with the buyer set on converting it into a condominium complex. Busse tells GlobeSt.com that Camelot Mesa “is going to be a little more of an upscale property, so it will not compete with the Cumberland.” “The condo market here in San Diego, from a conversion standpoint, is probably more active than just the regular apartment market,” Busse notes. He says the reason that Diamond I CA LLC has sold Camelot Mesa is because “they’re getting a price greater than even the inflated price of an apartment house, so it’s an offer they can’t refuse.” The seller is actually reinvesting about $8 million of equity from the recent sale into a $25-million apartment building in Phoenix that is less than three years old.

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