Multifamily owner‐operator and investment manager Pacific Urban Investors acquired La Scala, a 354‐unit
apartment community in the La Jolla / University Town Center (UTC) submarket of San Diego, for an undisclosed sum. The property was renamed Veranda La Jolla and marks Pacific’s 22nd acquisition in the San Diego market.

Veranda is Pacific’s second investment in UTC in recent months, following the company’s purchase of the 400‐unit Allina La Jolla earlier in the year. The company plans to invest in increasing utility of the community’s amenities, including upgrading communal areas for residents to connect and engage, and enhancing resident unit interiors.  

“As a follow‐on acquisition to its sister property next door, Veranda La Jolla gives Pacific the opportunity to acquire additional share in one of the most highly sought‐after investment submarkets in Southern California,” said Grant Geisen, SVP of investments at Pacific. “Proximate to a density of jobs rarely
encountered, La Jolla’s world‐renowned beaches and innumerable retail options, Veranda La Jolla offers residents convenient access to work and play in a contemporary building with all the desired amenities. The property’s premium positioning along Nobel, unit outdoor spaces and high quality of construction are all competitive advantages in a highly occupied submarket.”

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.