CHULA VISTA, CA-Equity Residential, already a major apartment owner in the San Diego area, has made another local purchase. The firm has acquired the Missions at Sunbow, a 336-unit apartment community, for an undisclosed amount.Equity Residential acquired the luxury property from the Missions at Sunbow LLC. Located at 825 East Palomar St., the site was developed in 2003 by the Morgan Group and is located on nearly 14.6 acres.According to J. Kevin Mulhern of CB Richard Ellis' San Diego central office, the property is in the process of getting entitlements for a condo conversion. However, it was sold as an apartment complex and will not be converted anytime soon."Per a deed restriction, the units can't be sold as condos for 10 years from its original development," Mulhern tells GlobeSt.com. He says if converted down the road, it would not take place until 2012. In the deal, Mulhern, Dixie Hall, Rachel Hemingway and Dick Schneider all of CB Richard Ellis' San Diego Central office, represented both the seller and the buyer.Amenities at the property include a swimming pool, spa, business center, movie theater, fitness center, game room and children's playground. The Missions at Sunbow offers seven floor plans ranging in size from 724-sf one-bedroom, one-bath units to 1,327-sf three-bedroom, two-bath units. The property includes 184 garages, 170 carports and 271 open spaces, totaling 625 total parking spaces.Mulhern says this latest deal is further proof of a shift in the local multifamily investment market. It's no secret that the last three years have seen a rush on condo conversions with private capital "driving the buyer's side of the equation," Mulhern says. "Now, with money more expensive, institutional players are making more of the deals."