Millennium PQ, a luxury multifamily property in Rancho Penasquitos, San Diego, has sold for $167 million, marking California’s second-largest single-asset multifamily transaction of the year. The sale price equates to over $504,000 per unit.
The 331-unit property, completed by Dinerstein Cos. in 2022, was acquired by GID Real Estate Investments. Walker & Dunlop brokered the deal for both buyer and seller.
This transaction is second only to the $186 million sale of Grand Hope Park in Los Angeles. Millennium PQ’s location in a top school district and near major employment hubs, including Apple’s future campus, were key purchase factors.
Hunter Combs of Walker & Dunlop highlighted San Diego’s market strength, driven by strong rent growth, a growing life sciences sector, and a robust tech and defense industry.
San Diego has added nearly 7,000 jobs over the past year, with the city ranking second in Marcus & Millichap’s top multifamily markets. Despite stable rents, Millennium PQ has seen a 0.6% rent increase and a drop in vacancy rates from 17% to 28% year-over-year.
Walker & Dunlop has managed over $51 billion in property sales since 2021 and financed more than $20 billion in multifamily debt in 2023.
SOURCE: CoStar News
