The seller, Gary D. McDaniel, was represented by George Carlson of Burnham Real Estate Services Oncor International. Carlson also acted on behalf of the buyer, 477 LLC. The LLC's managing partner is Tim Wayne.
The recent San Diego sale is the latest in a string of multifamily transactions to occur in the county, as apartment product continues to be a favorite among local investors. According to a recent report by Marcus & Millichap Real Estate Investment Brokerage Co., there is still "plenty of capital chasing apartment buildings" in San Diego. This interest on the part of investors has helped boost sale prices, with average selling prices expected to jump 5% over the next year, according to Marcus & Millichap's research. In addition, "early indications show that demand has spilled over into the first part of 2002, with the median price per unit 12% higher than last year's average," the report says.
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