GID Real Estate Investments Expands into San Diego with $167 Million Purchase

GID Real Estate Investments Makes Big Move in San Diego with $167 Million Purchase

The San Diego area continues to be a hot spot for real estate investment, with GID Real Estate Investments making a major move in the market. The Houston-based developer recently purchased Millenium PQ, a 331-unit multifamily complex in the affluent Rancho Penasquitos neighborhood, for a whopping $167 million.

The sale, brokered by Walker & Dunlop, is being hailed as the second-largest single-asset deal to close in California and the fifth-largest nationwide so far in 2024. The property’s prime location, just four miles south of Apple’s future San Diego campus and 16 miles northeast of the University of California San Diego, adds to its appeal.

According to Hunter Combs, managing director of investment sales at Walker & Dunlop, San Diego’s market strength is driven by consistent rent growth and the influx of life science and tech companies in the area. The city remains a top choice for institutional investors, with a significant portion of multifamily transactions exceeding $150 million.

While the $167 million price tag for Millennium PQ may seem steep, it is not the only high-priced multifamily property in Southern California. Other recent transactions include the $147 million purchase of the 492-unit Silverado Apartment Homes in Murrieta and the $133 million sale of the 376-unit Ranch at Moorpark in Ventura County.

With GID Real Estate Investments joining the ranks of major players in the San Diego market, the city’s real estate scene is sure to continue heating up.