Luxury Units Sell for $76 Million

SAN DIEGO-A San Francisco-based real estate advisory firm has purchased a 464-unitluxury apartment complex off Friars Road in Mission Valley for $76 million, the latest indicator that the county’s red-hot multifamily market shows no signs of cooling.

SSR Realty Advisors, representing pension funds clients that it refuses to identify, bought The Missionsat Rio Vista, 2242 Gill Village Way. The seller is Morgan Group Inc. of Houston.

The Morgan Group built the nearly 16-acre project in 1999. It features apartments with one to three bedrooms that range in size from 704 to 1,327 sf. Other amenities include a luxury clubhouse, a fitness center, a multi-media room with theater seating, a business center, two pools and a spa.

San Diego County’s apartment market is one of the tightest in the nation, with a vacancy factor of only 2%. Rents and sales prices in the area have soared, as the county’s growing work force has an increasingly hard time finding decent rentals because so little new construction has taken place.

All parties in the transaction were represented by a team of CB Richard Ellis brokers from the company’s Central San Diego, Ontario and Chicago offices.