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Teachers Insurance Acquires 251-Unit Complex

SAN DIEGO, CA-Completed just last year, the multifamily complex consists of 149 one-bedroom, one-bath units; 98 two-bedroom, two-bath units, and; four three-bedroom, three-bath units. Although financial terms of the deal were not disclosed, the property listed for $52 million and was only on the market for 30 days.

By Erin Cassin | Updated on December 03, 2002

SAN DIEGO, CA-The 251-unit Regents Court apartment complex in San Diego has been acquired by Teachers Insurance and Annuity Association of America after just 30 days on the market. Although financial terms of the deal were not disclosed, the property listed for $52 million.

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.

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