Asset Nets $153,571 Per Unit

SAN DIEGO-As investment dollars continue to flow steadily into the San Diego multifamily market, an apartment asset here has recently fetched $153,571 per unit.

The complex, known as F Street, has been purchased by private investor Brian J. McEntee of San Francisco. He has paid more than $1 million for the seven-unit complex, which has been sold by Overturf Family Trust of La Jolla. The asset is located at 2038-2042 F St. in San Diego.

The transaction was brokered by Chad Bramwell, Jules Arthur and Casey Haeling of the San Diego office of Hendricks & Partners.

Smaller deals like the recent F Street sale continue to account for a large portion of the investment activity in San Diego’s multifamily market. According to a recent report by Marcus & Millichap Real Estate Investment Brokerage Co., “transactions involving properties with fewer than 20 units continue to account for the bulk of investment activity.” Marcus & Millichap’s researchers also point out that “while the median price per unit is up 18% to date in 2003, at $102,853, and cap rates are below 6%, buyers remain determined to invest in the market.”