Known as life science and tech hubs, UTC, Eastgate and Del Mar Heights led office leasing activity in San Diego last year.

"Jacksonville continues to have an abundance of value-add opportunities coming on market, which has put the metro on the top of many buyer's target lists right now."

The Northeast industrial region, with more than 30.6 million consumers and more than a third of the nation's population within an eight-hour drive, has been a primary focus of industrial activity.

The new ownership states that while the acquisition will provide immediate cash flow, Merion's investment strategy includes the implementation of a value-add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades.