X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

SAN DIEGO-The Irvine Co. has acquired the Torrey Villas Apartments for $172.5 million in the second big San Diego County multifamily acquisition this year for the Newport Beach-based firm, which set a record with another multifamily buy in the county this summer. The Torrey Villas property is a 473-unit complex at 11100 Vista Sorrento Parkway that was developed in 2002 by the seller, Torrey Villas LLC of La Jolla.

The transaction was brokered by Udi Katz of the Temecula-based Katz & Jameson brokerage firm, who represented both the buyer and the seller. The 473 apartments at the Torrey Villas consist of units from one to three bedrooms.

In the other multifamily acquisition, reported on GlobeS.com in August, the Irvine Co. paid $182.5 million for the Villa Dorado at Mission Valley Apartments. That transaction is believed to be the largest single property multifamily deal in San Diego this year and possibly the largest in the county’s history.

The Torrey Villas complex is a gated property with asking rents ranging from $1,795 to $2,325 for the one- and two-bedroom units, according to the Irvine Co.’s web site, which does not list rents for the three-bedroom units. The apartments feature private patios and balconies, private direct-access detached garages, ceilings of nine and 10 feet, gas fireplaces, washers and dryers, wiring for high-speed Internet and a host of other in-unit amenities.

Common area amenities include a two-story clubhouse, a stadium-style surround sound theater, a media center, a business and computer center, a demonstration kitchen, two resort-style pools, a fitness center and a golf putting green. The complex also has a resident activities director.

The purchase of the Torrey Villas expands an Irvine Co. portfolio in San Diego County that also includes a growing number of office buildings, especially in the San Diego CBD. The firm has substantial reinvestment activities under way as well, including $63 million of reinvestment in six Downtown San Diego office properties in the company’s 4.5-million-sf San Diego County portfolio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.