Three limited-liability companies purchased the three complexes in San Diego and La Jolla, which have a total of 700 units. All of the properties have GC-Villa Management Inc., a unit of New Jersey-based Garden Communities, as the managing partner.
At Villa La Jolla Condominiums, located at 8686 Via Mallorca in La Jolla, nearly 400 of the project's 500 units were sold for $44.1 million. The 157-unit La Jolla Canyon Apartments sold for $16.1 million. This complex is located at 9515 Genesee Ave. in San Diego near the University Towne Centre mall. And the 159-unit Pacific Bay Club Apartments in Clairemont, at 4070 Huerfano Ave., brought $15.9 million.
All three apartments were 98% occupied at the time of the sale. The sellers were three LLCs involving CT Realty Corp. of Newport Beach and Acacia Capital Funds. Ed Rosen and John Chu of Burnham Real Estate Services represented CT Realty. Garden Communities represented itself.
The transaction illustrates the hot market for multifamily product: the CT Realty/Acacia entities bought the trio of properties little more than two years ago for $56 million. They renovated the properties and sold them at a $20-million profit.
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