SAN DIEGO-Essex Property Trust Inc. has acquired the 379-unit multifamily property Domain by Alta San Diego in the Kearny Mesa submarket for $121 million in an all-cash transaction. The seller was a joint venture between Wood Partners and CBRE Global Investors.

“There are very few luxury, institutional quality apartment buildings available for purchase in San Diego County and this was a rare opportunity to acquire one,” says Brian Hansen, the Wood Partners’ director who oversees the company’s development projects in Southern California. “The market for luxury rental properties in San Diego is tight. Supply is low, demand is high and the economy is picking up steam.”

Domain by Alta San Diego has two, four-story buildings and a resort-style community atmosphere. It features studio, one- and two bedroom units as well as affordable housing options. Each unit has a patio, laminate hardwood floors and granite countertops. The community offers two-story clubhouse with wifi workstations, a 1,200-square-foot outdoor deck, fitness center, pool and spa with waterfalls, cabanas and a barbeque area. The property was 80% occupied at the time of the sale.

Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, represented the seller in the transaction. “Domain San Diego was Wood Partners’ first multifamily development acquisition in San Diego County,” says Ron Harris, EVP of Institutional Property Advisors, which represented the seller in the transaction. “The luxury community boasts an amenity package reminiscent of a five-start resort and is surrounded by a wealth of high-profile employers.”

The development company recently held the grand opening ceremony for a $75 million multifamily property in Woodland Hills. Dubbed Alta Warner Apartments, the luxury property has 298 units.