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SAN DIEGO, CA-The 100-unit Ballpark Place apartment complex in San Diego has traded hands for $9.8 million, which reflects a discount of more than $1 million from the initial list price.

Located at 229 16th St., the property dates back to 1992. It underwent extensive renovations in 2001, when all of the unit interiors were remodeled; the exterior, entryway and interior courtyard were cosmetically upgraded; and an elevated spa and fitness room were built. Aside from the spa and fitness room, the property features gated subterranean parking, balconies, a laundry room and various other amenities. Ballpark Place was 96% occupied at the time of sale.

Steve Huffman and Jules Arthur of the San Diego office of Hendricks & Partners acted on behalf of both the buyer, El Cajon-based Jones Revocable Trust and the seller, William G. Ayyad Inc. and Daniel J. Furlan, Trustee of San Diego.

The discounted deal comes amidst a downturn in sale prices for the region, as the median price per unit dropped 1.55% in the first quarter of 2003, according to a recent report published by Marcus & Millichap Real Estate Investment Brokerage Co. However, the same report points out that the median price per unit has spiked 23.22% to $95,500 over the past 12 months, as buyers of San Diego multifamily product are “attracted to the region’s projected population and employment growth and its shortage of affordable housing due to development constraints and skyrocketing single-family home prices.”

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