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ING Sells $182M Villa Dorado Property

MISSION VALLEY, CA-Newport Beach-based the Irvine Co. takes another major stake in San Diego with the acquisition, which is believed to be the largest single-property multifamily deal in the county's history.

By Daniel D. Williams | Updated on August 01, 2006

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

MISSION VALLEY, CA-Newport Beach-based the Irvine Co. took another major step into San Diego County with its $182.5 million acquisition of Villa Dorado at Mission Valley Apartments. The deal is the largest single property multifamily deal in San Diego this year and believed to be the largest in the county’s history, according to Kevin Mulhern of CB Richard Ellis.

Mulhern, along with Dixie Hall, also of CB Richard Ellis, represented New York-based ING Clarion Partners in the deal. Mulhern tells GlobeSt.com that the seller was “an internal partnership” of ING clients, with 50% held by a private REIT and 50% held by a separate account client. The REIT “was being folded,” according to Mulhern, prompting the sale.

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