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Avion at Spectrum Goes for $80.3M

Private Investor Spends Nearly $180,000 Per Unit
By Jeff Hitch
May 21, 2003 | 6:16 P.M.

Avion Apartments Inc. purchased the 448-unit apartment complex at 8850 Tech Way in San Diego. Fairfield Spectrum LLC sold the 420,932-square-foot apartment community for $80.35 million, or about $180,000 per unit. At the time of sale, the cap rate was reported at 6.25%, and the complex was 93% occupied. The unit mix comprises of 286 one-bedroom/one-bath units and 162 two-bedroom/two-bath units. The rent range is from a minimum of $1,349 per month to a maximum of $1,849 per month. Mark Silver and Gino Barra of Fairfield Residential represented the seller in-house. Jim Bachner of Heitman Financial Services in Chicago represented the buyer.

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