Bob Beecroft of REC Properties purchased the Comanche Hills apartment property from Marla Schmitter, according to the San Diego office of CBRichard Ellis. The project at 5040 Comanche St. was built in 1978.
The property is situated on a quiet hilltop site with easy access toInterstate 8 and Highways 125/94, according to brokers connected with the deal. The location provides convenient access to Mission Valley, Downtown and the beach. The one- and two-bedroom community features such amenities as resort-style pool, recreational/exercise facility, outdoor barbecue areas and common laundry facilities.
Kevin Mulhern and Dick Schneider of CB Richard Ellis' San Diego Central office represented the buyer and seller in the transaction.
Countywide apartment sales have reached their highest level in a decade as rents in many areas continue to climb in the double-digit range and demand far outstrips supply.
Multifamily projects with 4,646 units were sold in 265 transactions countywide in the second quarter, the highest level of activity since the second quarter of 1990, according to a recent report by SanDiego-based Burnham Real Estate Services. Meanwhile, construction activity in the county's tight apartment market remains strong, but not nearly strong enough to meet demand from investors and prospective tenants alike. Permits for 1,553 units with a value of $164 million were pulled during the second quarter.
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