So, the San Diego apartment-market is hot, but this transaction that we came across shows signs of definite progress in somewhat tertiary markets. A 66-unit asset in Carlsbad called BluWater Crossing traded for $39.7 million.  The Macquerie Group sold the 174,544-square-foot building to Pacifica Real Estate Services.

How do you feel about the multifamily market around the San Diego area? Is it getting overheated or are assets priced accordingly?