Hearthstone and Regis Homes, an affiliate of the Sares-Regis Group and locally-based investor American Property Enterprises, are teaming up to buy and renovate the property.
Hearthstone officials say about $50 million will be used to acquire the property and another $10 million to renovate and convert the complex.
The improvements to the six, three-story buildings will come in phases over the next two to three years, officials say. Renovations will include new floor and window coverings, fireplaces, appliances central air, a new recreation center and other features.
River Colony is located in on nearly 10 acres on the northwest corner of Camino De La Reina and Qualcomm Way in Mission Valley, one of the county's main retail and commercial centers. Prices of the new condos are expected to start from the low $200,000s, with two-bedroom, two-bath units ranging from 977 to 1,025 sf.
The partnership will buy the complex from Mission Valley Apartments II, which bought River Colony for $30.2 million almost six years ago.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
