Pacific Urban Makes Second UTC Multifamily Buy of 2023
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).