Raintree Partners, 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, has purchased the Regents La Jolla, a 333-unit, mid-rise multi-housing building in La Jolla, Calif.
LaSalle Investment Management was the seller. The price was undisclosed. Raintree Partners purchased the asset free and clear of existing financing.
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 neighborhood, Regents La Joll
