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ALPINE, CA-A fully occupied apartment complex in Alpine has been snatched up by United Development Group, which has shelled out $134,848 per unit for the asset.

The buyer has paid a total of $4.45 million for the 33-unit property, which it plans to convert into condominiums. Known as Alpine Views Apartments, the complex was developed in 1972. Comprised of seven buildings, it is located at 2616 Alpine Blvd. The asset stands on a 22-acre parcel that boasts a park-like setting and a creek running through it.

The seller, Sten Family Trust, was represented by San Diego Apartment Brokers. David Harrison and Jim Taylor of Sperry Van Ness acted on behalf of the buyer.

According to Taylor, the Alpine View Apartments asset was “attractive” to the buyer because its current units can be converted into condominiums that can then be sold off individually. Condo conversions in San Diego County have become the hot new ticket in the region’s investment community over the past year or so. They have really picked up steam in recent months, with industry experts attributing the rise in conversions to low interest rates, the high cost of new construction and the diversified regional and local economy found in the region.

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