GID Real Estate Investments has acquired Millennium PQ, a trophy suburban core multifamily community comprising 331 units in Rancho Penasquitos, a sought-after San Diego neighborhoods, for $167 million.
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 $504,532 per unit.
The Walker & Dunlop Investment Sales team represented the seller, The Dinerstein Companies, and the buyer.
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 low-density, garden-style setting. It stands out as one of only two core institutional assets in Rancho Penasquitos and one of ju
