Raintree Partners Picks Up 333-Unit Apartment Property for $142M

Raintree Partners, a private real estate investment firm based out of Southern California, has acquired Regents La Jolla, a 333-unit mid-rise apartment property in La Jolla, CA, for $141.5 million. Completed in 2000, the property is part of a 574-home development that includes 241 condominium units not included in the sale.

“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 of Raintree Partners.

HFF marketed the property for the seller, LaSalle Investment Management Inc., and arranged a 10-year, fixed-rate loan with Pacific Life Insurance Company for Raintree Partners. HFF’s team included Hunter Combs, Sean Deasy, Charles Halladay and director Chris Collins.

“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.”