In 2021 Yardi Matrix has stated that US multifamily property sales hit an all-time high of $215 billion, a 67.3% increase from the prior high point in 2019. On average it cost $192,000 per unit, a 21.6% increase over the past year. Rent growth has also been above the long-term average for at least half a decade (besides in 2020)...
SB 9 Allows for 2 units on a parcel zoned for single-family housing. It also allows for urban lot splits of SFR zoned parcels and up to 2 units for each new lot created. The development of lots must adhere to all objective zoning. Side and rear lot line setbacks cannot be less than 4 feet. Units must be rented for...
Sales of existing and new homes are bound to run into some major problems in the future. When the 30-year fixed interest rates were in the 3.2%-4.2% range, people were more inclined to purchase a home. Mortgage rates have now increased to over 5%, causing less interest from potential buyers. In San Diego, single family home prices increased 3.7% in March...
Data Courtesy of Yardi Matrix, source link here. The average US multifamily asking rent rose $19 in May to reach $1,680, an all-time high. Rent growth rose 10% over the last year in 26 of the top 30 metros. Despite the questioning of our decelerating economy and rising gas prices, the multifamily rents have continued to surge (3% over the past...
Yardi National Multifamily Report April 2022 Source: Yardi Matrix Amidst the U.S. economic volatility and recent hiccups, multifamily continues to strive while having a small handful of weaknesses within the product type. Even then, the demand for rent growth remains prominent as it has been positive in each of the top 30 metros over the past year. While many thought multifamily growth...
Source: WSJ, article link here. Article Summary Below: Investors have spent $63 billion on apartment buildings from 2019 to 2021, the highest figure on record. Prices paid for apartment buildings increased 22.4% from the first quarter of last year to the first quarter of this year. But with this, interest rates have quickly risen this year as well. This caused some multifamily...
Source Article Courtesy of CoStar Prices have been rising the fastest we've seen in over 40 years. The consumer price index rose by 8.3% over the last 12 months (peaking at 8.5% in March). To try to combat this, the Federal Reserve raised interest rates by a quarter-point in March and another half-point increase in May (the largest increase in 22...
Article Source Courtesy of CoStar Rents for San Diego Multifamily have risen 13.5% in the last 12 months in the San Diego Multifamily apartment market. But when adjusting for inflation, which was up 8.2% this year (and 7.9% in San Diego itself), the San Diego Multifamily rent growth rate is currently at 3.5% and is set to be at just under...
April2022-newsletter Lee & Associates - North San Diego County Commercial Real Estate Newsletter...
Lee & Associates - North San Diego County Commercial Real Estate Newsletter March 2022 Newsletter...
245-255 Woodlawn Ave, Chula Vista, CA 91910 [caption id="attachment_17535" align="alignnone" width="644"] Renovated Kitchen in Chula Vista Apartment[/caption] [caption id="attachment_17536" align="alignnone" width="681"] Renovated Bathroom in Chula Vista Apartment[/caption] [caption id="attachment_17537" align="alignnone" width="696"] Renovated Bedroom in Chula Vista Apartment[/caption] [caption id="attachment_17538" align="alignnone" width="638"] Renovated Living room in Chula Vista Apartment[/caption] 1 Bed + 1 Bath = $1700 576 SF Unit Mix: 152 = 1 Bed + 1 Bath 3 = 2...
Chula Vista Eviction Moratorium Update 3/21/2022 While there hasn’t been an eviction tsunami for San Diego Apartment Buildings and Chula Vista Apartment Buildings, many claim otherwise and have made organized efforts to push for additional multifamily tenant protections, as well as a new eviction moratorium in Chula Vista and Chula Vista Apartment Buildings. Activists have been using the council meetings to put...
[caption id="attachment_17509" align="aligncenter" width="670"] 260-280 W. Park Villa Photo courtesy of Lee & Associates[/caption] An El Cajon apartment complex has been sold for $9 million. The 38-unit complex at 260-280 W. Park Villa was acquired by Park Villa Community Partners, LP from the Ivicevic Trust. The property has 16, two-bedroom, one-bathroom apartments, 16, one-bedroom, one-bathroom apartments, and six studio apartments. It also has 31...
[caption id="attachment_17338" align="aligncenter" width="670"] 4775 Wilson Ave. Photo courtesy of ACI Apartments[/caption] A Normal Heights apartment complex has been sold for nearly $2.6 million. The property at 4775 Wilson Ave. was sold by the Mincks Family Trust 08-08-00. The buyer was 4775 Wilson, LLC. The 4,900 square-foot complex was built on a 6,252 square-foot lot. It has six one-bedroom, one-bathroom apartments, and one two-bedroom, one-bathroom...
Lee & Associates – North San Diego County’s Multifamily Advisory Group Completes Sale of 7-Unit Property in San Diego, CA December 17, 2021 - San Diego, CA – Eric von Bluecher, with Lee & Associates-North San Diego County’s Multifamily Advisory Group, has completed the investment sale of a 7-unit multifamily building at 4775 Wilson Avenue in San Diego, CA. The building...