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Two Apartment Deals Close

SAN DIEGO-The booming San Diego apartment market has another condo conversion deal in play.

By Amanda Paxson | Updated on December 01, 2004

SAN DIEGO-In the wake of a booming apartment market, Sperry Van Ness has just completed two apartment sales, one for $4.68 million and the other for $1 million.The $4.68 million parcel is a 32-unit community located at 3265-3295 Ocean View Blvd in San Diego. The 32-unit complex was originally built in 1984 and consists of 18-two bedroom/one bathroom unites and 14 three-bedroom/two bathroom units. Rent ranges from $635 to $850 and amenities include a pool, playground, laundry and gated parking. It is expected the property will be converted into condominiums.The $1 million building is located at 644 62nd Street near Imperial Avenue and the San Diego Trolley Station. Built in 1959, the eight-unit parcel is 100% occupied and nets $850 to $950 per month in rent. The deals are a part a flurry of apartment sales that have dominated the market in San Diego. According to a report released by Burnham Real Estate, the third quarter yielded the most apartment sales since 1989 with the total purchase of 373 units.”We continue to see strong investor activity in the San Diego County multifamily market, with a limited supply of product to meet steady demand,” says George Carlson vice president and apartment specialist with Burnham Real Estate. Jim Taylor, Senior Advisor for Sperry Van Ness, tells Globest.com that many of the sales of apartment buildings will result in conversion. “Almost every one of these good size apartment complexes we are seeing has condo-conversion potential,” Taylor says.The 7,261 units transferred during the third quarter of this year was the second highest number transferred since 1986, when a record of 8,908 units sold in the fourth quarter. The only other quarter reporting a higher number of units transferred was the second quarter of 2002 when 7,466 units were sold.

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