HFF Announces Sale and Financing for San Diego-Area Multi-Housing Property
February 22 2019 - 5:15AM
Business Wire
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.
About HFF
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190222005029/en/
HUNTER COMBSCA Lic. #01771662HFF Senior Director(858)
812-2346hcombs@hfflp.com
SEAN DEASYCA Lic. #00914616HFF Senior Managing
Director(949) 253-8800sdeasy@hfflp.com
CHARLES HALLADAYCA Lic. #01756300HFF Senior Managing
Director(415) 276-6300challaday@hfflp.com
KIMBERLY STEELEHFF Digital Content/Public Relations
Specialist(713) 852-3420ksteele@hfflp.com
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