The buyers, Lloyd and Sarah H. Paterson, have shelled out $1 million for the asset, which stands at 1403 Division St. Peter Edulmuth of Pacific Investment Properties acted on behalf of the buyers. Pacific Property Group was represented by Pamela Ruegg of the San Diego office of Hendricks & Partners.
The sale comes as multifamily investment dollars continue to pour into San Diego County, despite slightly declining occupancy rates here. According to multifamily data provider RealFacts, the average occupancy level for San Diego apartment product slipped from 96.1% in September 2002 to 95.4% in December 2002. However, RealFacts also reports that "brokers in the San Diego market say they are experiencing a high level of investment interest." RealFacts' researchers attribute this significant amount of demand to the area's "great track record," pointing out that "rents have increased by 36.7% in the MSA over the past four years."
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