GID Buys Luxury San Diego Asset for $167M
This was the largest suburban core transaction in California so far this year.
GID Real Estate Investments has purchased Millennium PQ, a 331-unit trophy suburban core community in San Diego. The Dinerstein Cos. sold the asset for $167 million in a transaction brokered by Walker & Dunlop. Following the acquisition, GID renamed the asset to Windsor Rancho PQ.
With a price per unit of $504,532, the sale marks the largest suburban core transaction and the second-largest single-asset acquisition in California, as well as the fifth-largest nationwide deal this year so far.
Windsor Rancho PQ came online on some 14 acres last year. Newman Garrison + Partners provided architectural services, while EPTDESIGN handled landscaping.
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The eight-building community encompasses studio and one- to three-bedroom floorplans ranging between 483 and 1,503 square feet. Select units feature key fob entry access, attached one- and two-car garages, as well as private balconies or patios, to name a few.
Community amenities include a swimming pool with sundeck and lounge seating, a resident lounge and clubhouse, coworking spaces, a gym and a playground, in addition to a dog park and EV charging stations, among others.
Located at 14433 Penasquitos Drive, Windsor Rancho PQ is less than 1 mile from Interstate 15, while downtown San Diego is some 21 miles southwest. Two employment hubs, which according to Sandag encompass north of 57,000 employees, are within 8 miles.
Walker & Dunlop Managing Director Hunter Combs led the brokerage team which represented both parties in the transaction proceedings.
Less multifamily units selling for more
According to prepared remarks by Combs, San Diego’s deals over the past 19 months represented 13 percent of the total U.S. multifamily sales of more than $150 million. Moreover, the metro’s transactions made up 26 percent of all California multifamily deals during the same period.
Year-to-date through June, more than 500 units changed hands in San Diego, with an average price per unit upward of $391,000, according to Yardi Matrix data. Last year, north of 1,000 units traded during the same interval, albeit with a lower average price of some $343,000.
One of the Greater San Diego deals of this year closed in Chula Vista, Calif. Pacific Urban Investors purchased Terra Nova Villas and renamed it to The Emery at Terra Nova. The 233-unit community commanded $82 million.
