Search
 

San Diego County Apartment Sales Hit 15-Year High

SAN DIEGO COUNTY-Local multifamily product continues to garner investment interest, as a total of 326 sales involving a combined 4,763 apartment units occurred here in the first three months of this year. This level of first-quarter activity has not been recorded since 1989.

By Erin Cassin | Updated on June 14, 2004

SAN DIEGO COUNTY-Multifamily product continues to change hands at a dizzying pace in San Diego County, with new research pointing to a 15-year high in apartment sales here. According to the report, compiled by Burnham Real Estate, a total of 326 sales involving a combined 4,763 apartment units occurred here in the first three months of the year. This level of first quarter activity has not been recorded since 1989, according to Burnham’s researchers. San Diego’s Normal Heights/Kensington/University Heights section was the area of both the city and the county that experienced the highest volume of apartment sales in the first quarter of 2004. This region of San Diego experienced 31 sales involving 394 units in the first three months of the year, which is more than double the activity that occurred here during the same period in 2003. North Park followed, with a total of 31 sales involving 251 units-–up from last year’s first quarter figure of 21 sales involving 150 units.The first quarter has traditionally been the most sluggish of any year, since it follows the winter holiday season, which is when many property sales decisions are deferred, according to George Carlson, a Burnham vice president and apartment specialist. He explains that in the final quarter of 2003, investors were still actively seeking apartment properties. These closings, in turn, “significantly boosted first quarter sales activity,” Carlson adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.