Southern California is a ‘Mixed Bag’
“Despite obstacles, basic multi-housing market fundamentals in San Diego have remained strong,” Grubb & Ellis reports. Area vacancies in September 2008 were at a miniscule 2.3 percent, down from 2.7 percent a year earlier (compared with a national average of 12 percent). Rental rates peak in the area at an average of $1,772 per month…
“Despite obstacles, basic multi-housing market fundamentals in San Diego have remained strong,” Grubb & Ellis reports. Area vacancies in September 2008 were at a miniscule 2.3 percent, down from 2.7 percent a year earlier (compared with a national average of 12 percent). Rental rates peak in the area at an average of $1,772 per month in the North County Coastal market, to an average of $1,074 in East San Diego.San Diego multifamily transactions have been concentrated around distressed or bank-owned properties, plus a few well-located sites. Recent deals include:• Bella Terra, 460 units, sold by RREEF to R&V Mgmt. for $69.5 million• Cardiff by the Sea, 300 units, sold by Essex Property Trust to Property West for $71 million• Loma Portal Bluffs, 113 units, sold by Brento Corp. to Watermark Properties for $18.5 million• La Cascada, 140 units, sold by MG Properties to Fowler Property Acquisitions for $13 million.• Villas at La Mesa, 86 units, sold by KW Multi Family to The Apt. Co. for $11.5 millionTo comment, e-mail [email protected].
