SD Needs More Class-B Apartments

Mulhern: “The county needs more new, quality rentals that aren’t necessarily the triple-As. You don’t have to get top-of-the-market rents.”

SAN DIEGO—Top-of-the-market rents in class-A buildings with all the amenities are great, but the market really needs good, solid workforce housing for affordable rents in most markets, CBRE’s multifamily expert Kevin Mulhern tells GlobeSt.com. Mulhern and CBRE’s Rachel Parsons recently represented San Diego-based seller Silvergate Development in the sale of the Quarry Apartment Homes at 4330 Palm Ave. in La Mesa, CA, for $17 million to an affiliate of John Jaffe Company LP.

The 60-unit luxury apartment community is made up of three, three story buildings and was built in May 2015. The property has 43,765 square feet of residential space and is situated on 1.59 acres. The Quarry features one and two-bedroom floor plans with an average unit size of 717 square feet. The apartment features fully equipped kitchens with granite countertops, espresso cabinetry, and stainless GE appliance packages including electric ranges, microwaves, dishwashers and refrigerators. Select homes include kitchen islands or breakfast bars. All homes feature hard surface plank vinyl flooring, oversized windows/sliders, central air and full-sized stacked washers/dryers.