Trophy Apartments in Sought-After San Diego Submarket Go for $167M

The Dinerstein Companies completed the sale of Millennium PQ, a 331-unit multifamily community in Rancho Penasquitos for $167,000,000 on July 11th, 2024. 

Walker & Dunlop, Inc. arranged the $167,000,000 sale of Millennium PQ, a trophy suburban core multifamily community comprising 331 units in Rancho Penasquitos, one of San Diego’s most sought-after neighborhoods. According to Walker & Dunlop, the sale marks 2024’s largest suburban core transaction and second-largest single-asset transaction in California, as well as the fifth largest nationwide in 2024.

The Walker & Dunlop Investment Sales team, led by Hunter Combs, represented the seller, The Dinerstein Companies, and the buyer, GID Real Estate Investments. 

“San Diego remains a top institutional metro, with 13% of the total U.S. multifamily transactions exceeding $150 million and 26% within California” from the start of 2023 through year-to-date 2024,” said Combs, managing director of investment sales at Walker & Dunlop. “San Diego’s market strength is propelled by its historically consistent rent growth and the influx of life science surrounding UCSD and big tech companies establishing their presence here, in addition to the longstanding defense industry. This dynamic underscores San Diego’s exceptional market resilience and its attractiveness to investors.” 

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