LaSalle Investment Management has sold Regents La Jolla, a 333-unit apartment community in La Jolla, Calif., to Raintree Partners. The property is part of a 574-unit development that includes 241 condos not included in the sale.
Built in 2000, the community is 96 percent occupied and situated on approximately 8.5 acres at 9253 Regents Road. The property consists of 9 four-story buildings and one single-story cabana building and offers a mix of one- and two-bedroom units with an average size of 966 square feet. Regents La Jolla is located within the University Town Center neighborhood and is less than a mile from the University of California, San Diego, as well as several medical/research facilities in the area.
Community amenities at the property include two swimming pools, a fitness center, sports lounge, movie theatre and professional catering kitchen. An HFF investment advisory team of Hunter Combs and Sean Deasy represented the seller, while an HFF debt placement team of Charles Halladay and Chris Collins represented the borrower.
“The rare opportunity to acquire a Class A trophy asset in the UTC submarket, coupled with the $1 billion redevelopment at the Westfield UTC Mall as well as the $2 billion Mid-Coast Trolley project, created a high level of interest,” said Combs in prepared remarks. “The recent additions of Amazon and Apple to the submarket, along with the continued growth of UCSD, will keep demand for quality assets such as this robust.”
Last month, LaSalle Investment Management and partner Moceri + Roszak sold a newly-constructed luxury tower in Chicago for $121 million to Pacific Reach Properties.
Image courtesy of HFF