Heading: Walker & Dunlop Arranges $167 Million Sale of Millennium PQ in San Diego’s Rancho Penasquitos Neighborhood

Walker & Dunlop, a leading commercial real estate finance and advisory services firm, has recently facilitated the impressive $167 million sale of Millennium PQ, a 331-unit multifamily community located in San Diego’s Rancho Penasquitos neighborhood. This transaction stands out as the largest suburban core sale and the second-largest single-asset sale in California for the year 2024, making it the fifth largest nationwide.

The sale price of $504,532 per unit reflects the strong valuation of the property, which is attributed to its prime location near major employment hubs, including Apple’s upcoming campus, and its high-end amenities. San Diego’s real estate market has been experiencing consistent rent growth and has been attracting life science and tech companies, further enhancing its appeal to investors.

Walker & Dunlop’s Investment Sales team played a pivotal role in representing both the seller and the buyer in this significant transaction. The firm has a track record of completing over $51 billion in property sales volume since 2021, solidifying its position as a key player in the industry.

This sale not only highlights the strength of the San Diego market but also underscores the desirability of multifamily assets in top-performing submarkets. The property’s proximity to major employment centers and its luxurious amenities make it an attractive investment opportunity for institutional investors.

Overall, the sale of Millennium PQ showcases the resilience and attractiveness of the San Diego real estate market, making it a sector worth monitoring for both retail and institutional investors. With the Federal Reserve’s interest rates remaining high, real estate investments in stable markets like San Diego provide a hedge against inflation and offer long-term growth potential.