CHULA VISTA, CA-In the latest example of the strong level of demand that exists for all types of San Diego County multifamily product, two private investors have shelled out $110,937 per unit for an apartment complex in Chula Vista.

The multifamily asset, known as The Garden, houses a total of 16 units. It is located at 280 H St. in Chula Vista.

Buyers Steve Burnham and Victor Olvera of San Diego acquired the property from the La Mesa-based seller HCA CV 16 APTS LLC. Dick Bassett and Chad Bramwell of the San Diego office of Hendricks & Partners brokered the transaction, which is valued at nearly $1.8 million.

While investment activity in all sectors of the San Diego apartment market continues at a steady pace, it is actually smaller properties like The Garden (as well as mid-sized complexes), that seem to be trading hands at a faster rate. According to a June research report compiled by Burnham Real Estate Services, the volume of first quarter 2003 apartment sales in San Diego increased 7.7% from the same period in 2002, while the number of units sold dropped by 33.9%. Burnham’s researchers say the figures are due to a decline in the number of transactions involving 100 units or more.

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