SAN DIEGO-After fielding numerous offers from the likes of both national and regional investors, including REITs, insurance companies and opportunity funds, UCV LP has sold the University City Village Apartments asset to a private buyer for $58.4 million, with the deal closing at a mid-5% cap rate.

The 542-unit seniors apartment complex generated “tremendous interest,” according to David Sonnenblick, principal of Sonnenblick-Eichner Co., the Los Angeles-based real estate investment banking firm that arranged the sale. Sonnenblick tells GlobeSt.com that the property was competitively bid because of its excellent location, stable history of occupancy and redevelopment and expansion entitlements.

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