SAN DIEGO-Equity Residential, an apartment giant of Sam Zell, has bought Vantage Pointe, a 40-story tower situated in downtown San Diego, for $200 million.
By GlobeSt News Hub|September 28, 2010 at 01:01 AM
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SAN DIEGO-Equity Residential, an apartment giant of Sam Zell, has bought Vantage Pointe, a 40-story tower situated in downtown San Diego, for $200 million. Vantage Pointe, the largest condominium project in the city, was constructed in 2009.
The property, which is currently 22% occupied, has 679 units that are offered for rentals. It also includes a retail space measuring 2,425 square feet. The asking rate was $291,000 per unit and the asking rent was $348 per square foot. For the full story, go to Crain’s Chicago Business.
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Transwestern Commercial states that multiple submarkets throughout the state are experiencing higher than 5% year-over-year growth in rents including Woodbridge/Metropark, Edison South, Parsippany Region, Hudson Waterfront, Wayne/Paterson and Somerset/Interstate 78 East.
The joint summary explains the compliance implications for qualified opportunity funds under federal and state securities laws.
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