News
Apartment Seller's Paradise
November 6, 2012
| San Diego is America's Finest City (a slogan more welcoming than NJ's slogan: "City? Yeah What's it To You?"). Multifamily investors would agree. Apartment buyers have poured $492M into our city year-to-date, and the sales volume has increased 34% each year since 2009, according to Jones Lang LaSalle EVP Darcy Miramontes. |
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| Darcy tells us private and institutional investors are coming to San Diego because it's a West Coast gateway. ?It's highly sought after by all different types of capital who are well aware of the strong fundamentals, low supply, and high demand,? as well as San Diego's job growth and strong occupancy rates. (All the investors also know they can find some good surfing on "business trips.") On average, fewer than 2,000 units are expected to come online per year, in a market that boasts a large cohort of millennials who are of prime renting age. So few units have been put online over the past decade in all class types that, when investment groups come to San Diego, for the most part ?They become a little more flexible in order to get product.? |
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| According to Darcy, Q3 and Q4 have been incredibly busy this year, as sellers try to close by year-end due to the election and the potential tax ramifications. Less than a year ago, she and her team sold the last Class-A multifamily deal to trade in San Diego; Invesco bought the 314-unit Monarch at Shadowridge (1850 Thibodo Rd in Vista) from Goldman Sachs for $80.4M. On her team is her mom, JLL EVP Diane Miramontes. Darcy is married with two kids, 4 and 6, but she's in no hurry to guide them into CRE careers. ?I?ve got to get them to behave in kindergarten right now.? She's also a founder of the Del Mar/Carmel Valley Working Moms Playgroup, loosely affiliated with Scripps Hospital where most of the members had their children. |
