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August 26, 2019
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Raintree Partners Acquires 333-Unit Res Property in San Diego’s UTC


Regents La Jolla, a 333-unit, mid-rise multi-housing building in La Jolla, was purchased by Raintree Partners. The property, situated on approximately 8.48 acres at 9253 Regents Rd, was sold by LaSalle Investment Management Inc.

Regents La Jolla consists of nine four-story buildings and one single-story cabana building housing a mix of one- and two-bedroom units averaging 966 sf in size. Community amenities include two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen.
Completed in 2000, the property is part of a 574-home development that includes 241 condominium units not included in the sale.

The 96%-occupied community is located within the University Town Center (UTC) neighborhood. Regents La Jolla is surrounded by La Jolla’s demand drivers, including being half a mile from the University of California, San Diego, which is the No. 1 employer in San Diego; several of the area’s premier medical/research facilities; Westfield UTC Mall; and 14 msf of commercial space.

Hunter Combs and Sean Deasy with HFF represented the seller in the transaction. Charles Halladay and Chris Collins, also with HFF, arranged 10-year, fixed-rate acquisition financing with Pacific Life Insurance Company. The price was not disclosed.

“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,” Combs said. “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.”

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