Exclusive: Pacific Urban Pays $90M for San Diego Asset
The oceanfront property is within a high-barrier submarket.
Pacific Urban Investors has paid $90.3 million for Casas by the Sea, a 142-unit multifamily community in San Diego, according to Yardi Matrix information. A private individual sold the oceanfront asset.
Multi-Housing News reached out to both JLL and Pacific Urban Investors for additional details. While the brokerage did not immediately respond, the buyer declined to comment at this time.
The acquisition brought Pacific Urban’s multifamily footprint in San Diego to 12 properties totaling some 2,900 units. The firm has started purchasing assets in the metro in 2015.
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Casas by the Sea is one of four oceanfront apartment communities in San Diego’s Pacific Beach area, a high-barrier market with no new developments with more than 50 units planned. The 4-acre property is at 5060 La Jolla Blvd. within the beachfront neighborhood of Bird Rock. Downtown San Diego and the city’s international airport are both within 12 miles.
The community comprises four divisions—Casa Del Mar, Casa Del Norte, Casa Del Sur and Casa Hermosa—and two single-family homes which were completed in 1951.
The multi-housing buildings, that were developed in phases between 1970 and 1972, rise four and five stories. Their unit mix consists of studio and one- to three-bedroom floorplans, ranging from 395 to 2,000 square feet. All apartments have walk-in closets and dishwashers, as well as private balconies or patios.
Amenities feature two swimming pools, two spa centers, on-site laundry facilities, barbecue areas, green spaces and 172 parking spots. The former owner upgraded 19 percent of all units between 2022 and 2024 while also completing common-area renovations.
San Diego’s investment landscape still solid
Last year, San Diego’s multifamily transaction activity featured 25 single-asset sales, according to a recent Yardi Matrix report. They generated $1.4 billion in revenue, representing a 21.9 percent decline from 2024. Assets traded for an average of $374,648 per unit—9.3 percent lower year-over-year but still ahead of the $205,495 national price.
The momentum carried into 2026. In February, MG Properties paid $91 million for Dylan Point Loma Apartments in the city’s western area. LaSalle Investment Management sold the 180-unit property.
And in April, Eagle Real Estate Partners and TriPost Capital Partners formed a strategic partnership targeting up to $1.5 billion in multifamily assets across the West Coast. At the time, the companies had already acquired two properties some 34 miles northeast of downtown San Diego.
