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San Diego Sees Rare Uptick in Apartment Sales

Unlike the trend of the past few years, multifamily investment activity increased, albeit slightly.

By Sule Aygoren Carranza | Updated on January 12, 2009

SAN DIEGO-Reversing the trend of the past few years, apartment sales in San Diego County actually saw an uptick. According to a recently released study by Cushman & Wakefield, investment transactions rose 27.6% between the third quarters of 2007 and 2008, marking the first year-over-year quarterly increase since 2004.

One hundred and eleven communities changed hands during that three-month period, up from 87 the year before. But it wasn’t enough to turn the overall trend around. The 342 apartment properties that were sold during the first nine months of the year was down 8.6% from the same timeframe in 2007.

And while the number of sales increased during the quarter, the total number of units that changed hands declined, on both a quarterly and annual basis. The figure declined 19.3% between the third quarter of 2008 and a year prior, from 2,291 to 1,849 units. The total for the year, meanwhile, plummeted by 34.2%, from 8,119 units to 5,346.

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