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Bernardo Hills Fetches $53M

SAN DIEGO-The 248-unit multifamily complex sells to Aslan Realty Group, which plans to convert the complex into condominiums.

By Amanda Paxson | Updated on July 26, 2005

SAN DIEGO-As the condominium conversion wave continues to sweep the city, a 248-unit complex in Rancho Bernardo has been sold for $53 million to make way for condos. Before its sale, the Bernardo Hills complex was being rented as apartments, but it was entitled for conversion into condominiums.

Irvine-based Aslan Group bought Bernardo Hills from Rreef, with J. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway of CB Richard Ellis’ San Diego Central office representing both the seller and the buyer. Mulhern tells Globest.com that the deal represented Aslan’s first condo-conversion transaction. The company is active in the multifamily rental markets of Southern California and Phoenix.

Situated on 11.2 acres, Bernardo Hills is located at 15265 Maturin Dr. The property, developed by Lincoln Property Co. in 1987, sits on 11 acres. Amenities include swimming pools, two spas, a tennis court and a children’s play area.

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