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SAN DIEGO-There seems to be no end in sight to the condo conversions sweeping the county. The Heritage Apartments was acquired by Jacoba Heritage North for $6.7 million with plans on the table for condominium conversion.Diane and Darcy Miramontes of Grubb & Ellis|BRE Commercial and Dennis Grimes of ReMax represented the seller while the buyer represented themselves. Diane Miramontes tells Globest.com that the greater portion of conversion product she sees consist of class A buildings. With interest rates at historic lows, buyers are eager to get into the apartment market, whether or not the parcel is entitled for conversion. "I don't see a lot of plain vanilla apartments being sold right now; it's the nicer product that is being converted," she says. "Even if it doesn't have a condo map on it, the asking prices are such that it might as well have a map."The complex, built in 1973, consists of 36 one-bedroom, one-bath apartments and 20 two-bedroom, one-bathroom units. According to Miramontes, the buyer plans to convert some of the one-bedroom units into two-bedroom condos. The parcel will also undergo a complete overall, with rehabbing costing somewhere in the ballpark of $20,000 - $30,000 per unit. According to a recent apartment report released by Marcus & Millichap, the single-family home in San Diego has reached a median price of $610,000, up 10% from a year ago. A lack of affordability is driving the condo market, which according to Miramontes, is showing signs of softening. "The condo market is starting to slow from the standpoint of where it was a year ago," she says. "Because there is so much more product, it is taking longer to sell."The Marcus & Millichap report notes that overall construction of apartments is on the decline in San Diego. Last year 2,900 apartments were built, compared to 2,150 this year. Most of these units are luxury quality and are in or near Downtown. On the other hand, 3,700 condos will be built this year, with an additional 11,000 in the works. Miramontes tell Globest.com that the seller has plans to reinvest the equity from the Heritage Apartments sale into another, larger apartment property outside of the state. Diane and Darcy Miramontes have been involved in three consecutive sales of the complex.