San Diego
San Diego multifamily family investment sales activity increased significantly in the first quarter. According to research from ABI Multifamily, San Diego multifamily sales totaled $650 million, a 184.4% increase over the first quarter of 2018, when sales volumes totaled $229 million.
In addition to the increase in sales volumes, price per unit also increased 18.8% to $271,595, compared to $228,589 at the same time last year. Price per square foot increased 22.3% to $338.66.
This investment activity is the result of a strong apartment market. Multifamily rents increased 4.1% to an average of $1,940. However, the apartment vacancy rate tick up .5% to 95.9%, compared to 96.4% last year.
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