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Our Investment Sales team recently sold Preserve at Melrose, a $185 million premier 410-unit multifamily community in Vista, San Diego. Constructed in 2015, this suburban gem marks the second largest single-asset transaction in San Diego so far in 2024, with an impressive purchase price of $451,220 per unit. "San Diego remains a top target nationally for investors, making up 10% of all U.S. multifamily transactions over $150 million and 23% of those in California, year-to-date since 2023," said Hunter Combs, managing director of Investment Sales at Walker & Dunlop. "San Diego's market strength is propelled by its historically consistent rent growth, strong fundamentals and high barriers to entry. The influx of life science surrounding UCSD and big tech companies establishing their presence here, in addition to the long-standing defense industry underscores San Diego's exceptional market resilience and attractiveness for investors." The team, led by Hunter Combs, successfully represented both the seller, a local San Diego based group, and the buyer, Mesirow. Congratulations to everyone involved in this major transaction! Read more about the deal here: https://lnkd.in/ejEbfGBW #Multifamily #California #JustSold #Deals #WeAreWD #MultifamilyInvestment

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Tristan Freshly

Director of Market Intelligence at Walker & Dunlop

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