The buyer, Randle Trust, was represented by Mitchell S. Ramsey of Coldwell Banker Commercial - Mid City Properties. Adrian Olveira of Rescom Investments acted on behalf of the seller, KN Management LLC.
The deal marks the latest in a string of apartment transactions to occur in San Diego County, as investor demand has pushed multifamily sales in the region through the roof. Sales activity here reached its highest level in 17 years this past quarter when a total of 335 apartment properties changed hands, according to a Burnham Real Estate Services report. Last quarter's level of activity reflects a 12.4% increase over the same period in 2001, when 298 multifamily projects were sold.
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