Walker & Dunlop, Inc. has successfully arranged the sale of Millennium PQ, a highly desirable multifamily community located in Rancho Penasquitos, one of San Diego’s most sought-after neighborhoods. The trophy property consists of 331 units and was sold for a total price of $167 million.
According to Walker & Dunlop’s Investment Sales team, led by Hunter Combs, this transaction marks the largest suburban core deal and second-largest single-asset sale in California for 2024. It also ranks as the fifth largest nationwide during this time period.
Combs, who serves as managing director at Walker & Dunlop stated that San Diego continues to be a top choice for institutional investors with 13% of all U.S. multifamily transactions over $150 million taking place here and 26% occurring within California so far in 2023.
He further explained that San Diego’s market strength is driven by consistent rent growth throughout its history and recent developments such as an increase in life science companies near UCSD and major tech firms establishing their presence here. Additionally,the city’s long-standing defense industry adds to its exceptional market resilience making it an attractive investment opportunity.
