Our City San Diego Magazine recently hosted a seminar focused on the apartment industry, as the first in a series of real estate seminars for its subscribers and guests.
Real Estate Economist Alan Nevin participated in the panel alongside Terry Moore, a principal of Apartment Consultants Inc., and apartment investor Dan Feder, with Our City’s Publisher Jack Crittenden serving as emcee.
The seminar focused on the current and future state of the apartment market in San Diego County, with a particular focus on the opportunities to renovate our aging apartment stock. Nevin pointed out that the average apartment project in the county is 41 years old, with most in less than pristine condition.
Dan Feder provided several examples of his successes in renovating older projects, which have created enhanced investment value and offered renters a better quality of life.
Terry Moore explained that some 400 apartment projects change hands every year in San Diego County, so there are always opportunities for acquisition.
Finally, Nevin made the point that the majority of renters in this County can afford “B” quality apartments (particularly those apartments with an in-unit washer/dryer), but all they have to choose from are aging and disappointing “C” class apartments. Upgrading these outdated properties represents a tremendous opportunity for investors and helps fill a significant housing need in the region.
This article was originally published by Xpera Group which is now part of The Vertex Companies, Inc.