The buyer, Sunterra LLC, plans to convert the garden-style property into a for-sale condominium project. Constructed in 1973, the complex is comprised of eight one-bedroom, one-bath units encompassing 675 sf each; 31 two-bedroom, one-bath floorplans totaling 975 sf each; 67 two-bedroom, two-bath apartments ranging from 980 sf to 1,000 sf; and 14 three-bedroom, two-bath designs of between 1,000 sf and 1,200 sf. At the time of escrow, the complex was 100% leased. During the four months the deal took to close, occupancy has dropped to 75%. Amenities here include a Jacuzzi, playground, basketball court, lighted tennis court, two swimming pools, a gated entry and extensive landscaping.
Sunterra LLC was represented by Jon Busse of Colliers International. Busse also acted on behalf of the seller, Emerald I LLC.
Condo conversions in San Diego County have really picked up steam over the past year or so. Industry experts attribute the rise to low interest rates, the high cost of new construction and the diversified regional and local economy found in the region.
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