Located at 8465 Regents Rd., the multifamily complex was constructed last year by a joint venture between the Newport Beach office of Lincoln Property Co. and Equity Residential Property Trust, which had acquired the parcel in 1999 from the McRoskey Family Trust. The joint venture, known as EQR – Lincoln La Jolla LP, didn't develop Regents Court with a firm decision in mind that it would sell the complex, says CB Richard Ellis broker J. Kevin Mulhern who worked on the transaction. "Market conditions dictated their decision," Mulhern tells GlobeSt.com, adding that the joint venture "saw the opportunity to take some profit off the table" and thus decided to sell the complex.

The property, which was 95% occupied at the time of sale, consists of 149 one-bedroom, one-bath units; 98 two-bedroom, two-bath units; and four three-bedroom, three-bath units. Amenities include a fitness center, business center, conference room, swimming pool, two spas and barbecue areas.

Mulhern, along with CB Richard Ellis colleagues Dick Schneider and Rachel Hemingway, represented both the buyer and the seller in the transaction. All three brokers are based in the firm's San Diego-Central office.