Valle West Tennis Club is a 129-unit apartment community built in 1977. The floor plans consist of mainly one bedroom/one bath and two bedroom/two bath units. Common area amenities include two separate pool areas, each with a spa, a lighted tennis court, recreational/exercise facility, outdoor gas barbecue grills, laundry rooms, and garages and carports. Unit interiors feature ceiling fans, vertical blinds, air conditioning, kitchen pantry closets, garbage disposals and dishwashers.
Kevin Mulhern and Dick Schneider of CB Richard Ellis' San Diego Central office represented both parties in the transaction.
Multifamily projects totaling 4,646 units were sold in 265 transactions countywide in the second quarter of 2000, the highest level of activity since the second quarter of 1990, according to San Diego-based Burnham Real Estate Services.
The quarter included numerous sales of projects of more than 100 units at prices of more than $100,000 per unit, another reflection of the strong sales prices that are driving up rents as supply shrinks and investors ask higher rents to make their purchases pencil out, the Burnham report says.
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