GID Closes on California's Largest Suburban Core Transaction for $167M
The Dinerstein Companies was the seller.
GID Real Estate Investments has struck a deal to purchase a multifamily community in the Golden State for $167 million, or $504,000 per unit, from The Dinerstein Companies.
Walker & Dunlop Investment, who represented the buyer and seller, calls the sale the “largest suburban core transaction and second-largest single-asset transaction in California.”
The property is called Millennium PQ and it is located in Rancho Penasquitos, San Diego. The 331-unit space features a low-density garden environment and resort-style amenities. Additionally, major schools are nearby, with Apple set to debut its 68-acre campus in the area, which it purchased for $445 million.
“San Diego remains a top institutional metro, with 13 percent of the total U.S. multifamily transactions exceeding $150 million and 26 percent within California 2023 year-to-date,” said Hunter Combs, managing director of Investment Sales at Walker & Dunlop.
Combs, along with his sales team represented both GID and Dinerstein, to arrange the Millennium PQ deal.