LLC Picks Up 44th Street Complex

SAN DIEGO-In the latest signal of the growing trend toward condominium conversions involving local multifamily product, an LLC has picked up a 24-unit apartment complex here with plans to convert its units into condos.

The buyer, Villa Escondido LLC, has shelled out $2.5 million for the property, known as 44th Street. Encompassing 21,120 sf, the complex houses all two-bedroom, one-bath units encompassing 880 sf each. It stands at 3215 44th St., within the City Heights Redevelopment Zone and in close proximity to some new schools, a retail center and a community park.

Steve Huffman and Jules Arthur of the local office of Hendricks & Partners acted on behalf of the seller, Grey Eagle Trust of Valley Center, and locally based Villa Escondido LLC.

Condo conversions such as the one planned for the 44th Street complex continue to be a popular trend in the metro region, due to a variety of factors including the high cost of new construction and the soaring prices of single-family homes. New home prices have risen 11.4% to $487,935, while the median price in the resale market should increase by 16.5% to $408,010, according to a mid-year forecast published by the Los Angeles Economic Development Corp.