LaSalle Buys San Diego Property for $119M

The company has added a 330-unit asset to its portfolio located in the Rancho Bernardo submarket.
Overlook at Bernardo Heights Apartments

LaSalle Investment Management has purchased Overlook at Bernardo Heights Apartments, a 330-unit Class A property in San Diego, for $119 million, according to public records. State Teachers Retirement System of Ohio traded the property after 23 years of ownership, Yardi Matrix shows. Moran & Co. brokered the transaction.

The 16-building Overlook at Bernardo Heights occupies 16.8 acres at 15909 Avenida Venusto in the Rancho Bernardo submarket of San Diego. The property is near Interstate 15, approximately 24 miles from downtown San Diego. The location provides access to major employers such as Sony, General Atomics, Bae Systems, HP and Northrop Grumman.

Constructed in 1987, the buildings encompass a mix of one- and two-bedroom units, averaging 747 square feet. Features of the apartments include washers and dryers, fireplaces, semi-private entries, private balconies or patios and outside storage. Community amenities include a fitness center, clubhouse, tennis court, swimming pool and spa.

Last July, in a partnership with Jefferson Apartment Group, LaSalle acquired a 289-unit property in Boston, for $165 million.