SAN DIEGO—The hunger for local multifamily product continues, with a local investment company buying a 118-unit apartment complex in La Mesa for $8.3 million. Bob Beecroft of REC Properties purchased the Comanche Hills apartment property from Marla Schmitter, according to the San Diego office of CB Richard Ellis. The project at 5040 Comanche St. was built in 1978.

The property is situated on a quiet hilltop site with easy access to Interstate 8 and Highways 125/94. Brokers for the deal note that 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, and rents in many areas continue to climb in the double-digit range as 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 San Diego-based Burnham Real Estate Services. Meanwhile, construction is nearly strong enough to meet the demand from investors and prospective tenants alike. Permits for 1,553 units, with a value of $164 million, were pulled during the second quarter, the third consecutive quarter in which builders took out more than 1,500 permits.

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