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574-Unit Apartment Community Set for Conversion

LA JOLLA, CA-Montecito Regents LLC acquires the Regents La Jolla, a 574-unit complex and plans to convert the property into condominiums. A $167-million loan covers the property's acquisition.

By Amanda Paxson | Updated on December 28, 2005

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

LA JOLLA, CA-A 574-unit apartment complex, Regents La Jolla, has been acquired by Montecito Regents LLC and is slated to go condo. An 18-month first mortgage for the property was closed for $167.1 million.Hypo Real Estate Capital Corp., a subsidiary of Munich-based Hypo Real Estate Bank International, closed the loan earlier this month.Regents La Jolla was completed in 2000 and is located at 9253 Regents Rd. The Mediterranean–style complex is situated on eight acres of land in the University Town Center area of La Jolla.Amenities include a 12,000-sf clubhouse, concierge services, communal kitchen, sports bar, fitness center, spa, pools and a 28-seat movie theater. Units include private balconies, alarm systems, fireplaces and Ethernet access.Rents range from $1,500 to $2,165 for one bedroom and $1,850-$2,235 for two bedrooms. No details were released on where condo prices would start. Hypo officials were unavailable for comment.Hypo Real Estate arranged a $338-million construction loan earlier this year for PT Maxwell LLC. The project consists of 800 condominiums in four 12-story buildings. The New Jersey project incorporates 200,000-sf of retail and office space, as well a 1,500-car parking garage. Construction began on the first of the four residential buildings in February.

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