Walker & Dunlop Arranges Second Largest Single-Asset Sale in California and Fifth Largest Nationwide in 2024

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07/16/2024 - 06:30 PM

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it 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.

Millennium PQ (Photo: Business Wire)

This sale marks the largest suburban core transaction and second-largest single-asset transaction in California, as well as the fifth largest nationwide in 2024. The purchase price translates to an impressive $504,532 per unit.

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 percent of the total U.S. multifamily transactions exceeding $150 million and 26 percent within California 2023 year-to-date,” said Hunter 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 long-standing defense industry. This dynamic underscores San Diego's exceptional market resilience and its attractiveness to investors.”

Located in the Rancho Penasquitos submarket of San Diego, Millennium PQ benefits from being situated in one of the county's top school districts and within minutes from San Diego’s top employment hubs, including Apple’s future 68-acre campus. The property features high-end finishes and resort-style amenities in a serene, low-density garden-style setting. It stands out as one of only two core institutional assets in Rancho Penasquitos and one of just five within a 10-mile radius.

Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2023, Walker & Dunlop originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.