GID Real Estate Investments has struck a deal to purchase a multifamily community in the Golden State for $167 million, or $504,000 per unit, from The Dinerstein Companies.
Walker & Dunlop Investment, who represented the buyer and seller, calls the sale the "largest suburban core transaction and second-largest single-asset transaction in California."
The property is called Millennium PQ and it is located in Rancho Penasquitos, San Diego. The 331-unit space features a low-density garden environment and resort-style amenities. Additionally, major schools are nearby, with Apple set to debut its 68-acre campus in the area, which it purchased for $445 million.
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"San Diego remains a top institutional metro, with 13 percent of the total U.S. multifamily transactions exceeding $150 million and 26 percent within California 2023 year-to-date," said Hunter Combs, managing director of Investment Sales at Walker & Dunlop.
Combs, along with his sales team represented both GID and Dinerstein, to arrange the Millennium PQ deal.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
