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SAN DIEGO-A private investor is taking advantage of the city’s hot apartment market to buy an 18-unit apartment complex for $1.72 million.

The property, known as Encinitas 18 Apartments, is located one block from the ocean at 955 Third Street in Encinitas. The seller was Third Street Encinitas 18. Savvas Marinos and Andrew Luce of Colliers International represented both the buyer and seller. The 9,000-sf garden apartment complex includes 18 one-bedroom, one-bath units. The project was built in 1958.

A March survey of apartment rents and occupancy in San Diego County finds rents have gone up by 1% since the end of 2001, while occupancy declined from 95.8% to 95.1%.

The survey, conducted by RealFacts, the multifamily data specialists, included 432 apartment complexes and found that the average rent as of March 2002 was $1092, up from $1081 in December.

That puts the county on pace for an annual increase of 4%. The average large complex in the San Diego MSA is 21 years old and has 213 units. Two-bedroom/two-bath units make up 40% of the total; one-bedroom/one bath units account for another 36%.

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