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Condo conversion craze making apartments scarce.

Publication: San Diego Business Journal
Publication Date: 30-AUG-04 		Format: Online - approximately 948 words
Delivery: Immediate Online Access

Article Excerpt
The condominium conversion trend has housing developers whipped into such an apartment-buying frenzy in San Diego County that conventional investors are finding it difficult to acquire properties that make economic sense to keep as rentals.

But as the old saying goes, if you can't beat 'em, join 'em.

Many of the same companies competing with developers for apartment investments are selling properties to condo converters for big profits.

Kevin Mulhern, a San Diego apartment broker at Los Angeles-based CB Richard Ellis, said 24 properties with more than 100 apartments have been sold this year. About 20 of those deals involved condo converters, Mulhern said.

"It's far beyond what I ever expected," he said. "There definitely has been over the last 18 to 24 months a very big premium paid for apartments for conversions."

Converters Can Pay More

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