It has been another banner year for the global commercial real estate leader, Colliers International, due in large part to the efforts of local investment properties specialist Savvas Marinos.
Responsible for investment sales transactions valued in excess of $75 million this year, the senior vice president at Colliers' UTC office credits his success to long-term client relationships and his expertise in marketing multifamily properties, including those suitable for conversion to "for sale" condominiums.
One of the more noteworthy transactions that placed him at the top regionally this year was the $25 million sale of the College Park Apartments to a local converter. The deal was done in partnership with Colliers associate Andrew Luce. The 160-unit, 6.3-acre apartment complex is located in the College Grove neighborhood of East San Diego. The buyer is in the process of converting the apartment property to one- and two-bedroom condominiums. A condominium map has been in place since 1972 when the project was built.
The recent trend to condominium conversions has created opportunities for Marinos, who has specialized in multiresidential sales in San Diego for more than 20 years.
"Apartment owners are realizing premium prices for their properties suitable for conversion or previously approved for condo development but operated as apartments for some time," Marinos said. "And, many renters are becoming first-time homebuyers by taking advantage of low interest rate loans to purchase these condo units. However, supply appears to be exceeding demand especially in submarkets like UTC, downtown San Diego and portions of the I-15 Corridor. Sales velocity has slowed and pricing seems to be softening where a number of 'conversions' still remain unsold. Absorption of these converted units may take longer than projected. Nevertheless, they will be absorbed because of the lack of available land for new construction and the need for entry level housing in San Diego County. The limited supply of affordable housing and steady population growth will continue to support the apartment/condo market."
Marinos is also active in the brokerage of hotel properties. This year, he successfully completed the second leg of a 1031 tax deferred exchange valued at over $49 million, involving the sale of seven properties in Arizona and California. Five of the exchange properties were hotels located in San Diego, Riverside County, Ventura County and Los Angeles County.
During his career, Marinos has brokered over $650 million of investment real estate transactions. He completed his undergraduate work at the University of California, Irvine, and attended the University of San Diego School of Law. He is an active community volunteer and coaches youth soccer, baseball and football. He lives in North San Diego County with his wife, Mindy, and their three children.