State of Multifamily in San Luis Obispo County

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Stenner Glen, a 113-unit, 500+ bed, student housing complex near Cal Poly in San Luis Obispo, changed hands for a reported $22 million and received a much needed facelift, rebranding as The SLO.

Stenner Glen, a 113-unit, 500+ bed, student housing complex near Cal Poly in San Luis Obispo, changed hands for a reported $22 million and received a much needed facelift, rebranding as The SLO.

County Overview

The San Luis Obispo County multifamily market, much like the rest of California, has been on a bullish run the past several years and 2016 was no different.  County Year over year Multifamily Price Per Unit (PPU) pushed over 8% higher than 2015.  This occurred in both the North County (8.1% YOY growth) and South County of San Luis Obispo (8.1% YOY growth).  Gross Rent Multiplier (GRM) also pushed higher in both portions of the county, however the North county saw significantly more gains than South County as the city of San Luis Obispo experienced a soft 2016.  

Another metric that reinforced positive gains was the continued drop of cap rates reaching 4.58% for the County in 2016, down from 4.86% in 2014.  Although total sales volume dropped between 2015 and 2016, it was directly related to one transaction, the sale of.....

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