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11/09/12
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Karnazes Family Trust purchased 19 units at Palm Terrace Condominiums in the Normal Heights neighborhood of San Diego for $2.3 mil. Located at 4654-4670 33rd St, Palm Terrace Condominiums was built in 1956 as a 28-unit apartment complex and was converted to condominiums in 2007. The other nine units were previously sold to individual buyers.
The 19-unit bulk sale has a unit mix of studios, one-, two- and three-bedroom units totaling 12.1k sf. The existing DRE Final Subdivison Public Report and Final Map allow the units to be sold individually. The property underwent an extensive renovation in 2007 with each unit including granite countertops, black appliances, walnut finished cabinets and decorative lighting.
Merrick Matricardi, Eric Comer and Jim Neil of CBRE San Diego represented the seller, Owens Financial Group Inc. Seth O’Byrne of Troop Real Estate repped the Karnazes Family Trust. The 19-unit bulk sale was a lender REO transaction. According to CBRE’s Matricardi, multifamily REO sales are tapering off from previous years.
“We are seeing a dramatic decline in lender REO multifamily sales over the last several quarters. In 2011, our team closed 11 lender REO transactions compared to only three so far this year, partly due to the strength of the San Diego multifamily market and the Midtown submarkets in particular,” Matricardi said. “Multifamily values and transaction volume of traditional sales in Midtown have increased significantly over the last 12 to 18 months.”
Matricardi expects only a couple more lender REO multifamily sales to close countywide this year. “We have one additional lender REO transaction in escrow and the overall REO pipeline is closing down as traditional sales gain momentum.”
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