National City
REAL ESTATE
Tom York on Business: 10 Applicants Scramble for Each Vacant Apartment in San Diego
Yet another example of just how crazy the cost of living especially housing is getting here in San Diego. A new report from the residential rental website RentCafe found that Diego is the state’s fourth-hottest rental market. The competition is fierce: 10 applicants vie for every apartment that comes...
Berkadia Delivers $150M Financing for San Diego Affordable Rehab
Berkadia arranged the financing of Sea Breeze Gardens, a 268-unit affordable housing property in San Diego. Senior managing director Tim Leonhard and SVP and head of acquisitions Chris McGraw of Berkadia Affordable Housing secured the $53.5-million Low-Income Housing Tax Credit equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac on behalf of the sponsor, Lincoln Avenue Communities.
Trophy Apartments in Sought-After San Diego Submarket Go for $167M
Walker & Dunlop, Inc. arranged the $167,000,000 sale of Millennium PQ, a trophy suburban core multifamily community comprising 331 units in Rancho Penasquitos, one of San Diego’s most sought-after neighborhoods. According to Walker & Dunlop, the sale marks 2024’s largest suburban core transaction and second-largest single-asset transaction in California, as well as the fifth largest nationwide in 2024.
San Diego Housing Market Displays Subtle Price Dip Amidst Increased Supply and Sales Activity
Amid an overarching sense of stabilization in the housing market, San Diego County's real estate landscape shows nuanced trends. As reported by NBC San Diego, June's data presented a slight slip in median home prices, with a 0.8% decrease from May, even as prices hovered above $900,000 for the third consecutive month. Reflecting on these numbers, California Association of Realtors President Melanie Barker conveyed optimism, stating, "With interest rates coming down to the lowest levels since February and the availability of homes loosening up further in the last few months, the housing market is gearing up for another run in the second half of the year".
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