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December 19, 2018
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Luxury Res Project in Torrey Hills Trades


Ocean Air L.P., an affiliate of R&V Management Corporation, has purchased Ocean Air luxury condominium rental homes, a 100-unit luxury residential property in Torrey Hills. It was sold by TH Real Estate (an affiliate of Nuveen and a TIAA company).

Ocean Air is located at 10500 Sea Pearl Cove, in the heart of the 600-acre Torrey Hills masterplan, adjacent to the newly completed 1.35-acre Coast View Park. The property boasts panoramic views of Torrey Pines State Reserve and the Pacific Ocean.

Completed in February 2015, the five-building project was originally designed as condominiums. The property features spacious floor plans averaging 1.3k sf; 80% of the unit mix features townhome-style floor plans and 80% are two- and three-bedroom configurations.

The unit interiors feature open-concept living areas that have nine- and ten-foot ceiling heights. Kitchens include stainless GE appliances, granite countertops, USB charging stations, large stainless steel single basin sinks, and energy-efficient front-loading GE washers and dryers.

All homes also include garages, tankless hot water heaters, and outdoor patios or balconies with panoramic views. Conceptual plans have been started to add a clubhouse and pool to the southeastern portion of the property.

The community includes two outdoor kitchen lounges with built in gas barbecues and contemporary seating. Additionally, there is a large grass area on the southwest side of the property, which has a pet wash station and a fire pit area with lounge seating and ocean views.

The Coast View Park is located directly adjacent to the north of Ocean Air. The park totals 1.35 acres and includes playground equipment, fitness stations, barbecues and sitting areas.

Kevin Mulhern and Rachel Parsons with CBRE represented the seller in the deal. The price was not disclosed.

“The coastal investment market remains aggressive and we continue to see strong demand for core San Diego real estate,” said Parsons. “R&V Management Corporation, saw this purchase as a strategic fit as they have developed two luxury assets in the immediate Carmel Valley submarket, with a third under construction. The buyer is San Diego County’s largest apartment owner and one of the most active multifamily developers.”

Ocean Air is located between the county’s top employment centers, with Torrey Pines to the west, Sorrento Valley/Mesa to the south, UTC to the southwest and Del Mar Heights/Carmel Valley to the north. It is estimated that 195,000 jobs are within a three-mile radius of the property. The property is located in one of the most desirable school district and is within a mile of the Torrey Hills retail center.

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