Walker & Dunlop, Inc. arranged the $167,000,000 sale of Millennium PQ, a trophy suburban core multifamily community comprising 331 units across 5 stories.
The property was constructed in 2022 and is pet friendly with some restrictions. Amenities include upscale finishes, patios and balconies, walk-in closets, and attached garages for some units. Floorplans include studio to 3-bed options ranging from 480 to 1,500 square feet. The community features a pool, fitness center, playground, recreational room, clubhouse, elevator service, business center, pet park, and package service.
According to Walker & Dunlop, the sale of Millennium PQ 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.”
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
