HFF Announces Sale and Financing for San Diego-Area Multi-Housing Property
SAN DIEGO--(BUSINESS WIRE)--Feb 22, 2019--HFF announces that it has arranged the sale and acquisition financing for Regents La Jolla, a 333-unit, mid-rise multi-housing building in La Jolla, California.
HFF marketed the property on behalf of the seller, LaSalle Investment Management, Inc. Raintree Partners purchased the asset free and clear of existing financing. Additionally, the HFF team worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Company.
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 square feet. Completed in 2000, the property is part of a 574-home development that includes 241 condominium units not included in the sale. The 96-percent-occupied community is situated on approximately 8.48 acres at 9253 Regents Road. 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 million square feet of commercial space. Community amenities include two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen.
“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.”
The HFF investment advisory team representing the seller included senior director Hunter Combs and senior managing director Sean Deasy.
HFF’s debt placement team representing the borrower consisted of senior managing director Charles Halladay and director Chris Collins.
“We view the acquisition of Regents La Jolla as a strategic long-term investment and a great addition to the 302-unit community we currently own within walking distance of Regents,” said Ian Couwenberg, director of Acquisitions for Raintree Partners. “The evolution of UTC into a major CBD within the San Diego metro area and clear commitment of neighboring owners as well as the city to re-invest in apartment communities, medical campuses, office, retail and infrastructure made the acquisition of Regents La Jolla an exciting opportunity.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle and its investment advisory affiliates manages over $65 billion of assets under management in private and public real estate property and debt investments, as of Q4 2018. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit http://www.lasalle.com and on LinkedIn.
About Raintree Partners
Raintree Partners is a private commercial real estate investment company principally engaged in the acquisition, development and redevelopment of multifamily residential and mixed-use properties in the major West Coast markets, with a particular geographic focus in California. Visit http://www.raintreepartners.com to learn more.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190222005029/en/
CONTACT: HUNTER COMBS
CA Lic. #01771662
HFF Senior Director
CA Lic. #00914616
HFF Senior Managing Director
CA Lic. #01756300
HFF Senior Managing Director
HFF Digital Content/Public Relations Specialist
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
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PUB: 02/22/2019 06:15 AM/DISC: 02/22/2019 06:15 AM