PALO ALTO, Calif., July 06, 2023 — Multifamily owner-operator and investment manager Pacific Urban Investors acquired La Jolla International Gardens, a 400-unit apartment community in the La Jolla / University Town Center (UTC) submarket of San Diego, CA, on April 27, 2023. The property was renamed Allina La Jolla (the “Property”) and marks Pacific’s 21st acquisition in the San Diego Market.
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Allina La Jolla is a 100% market rate property built in 1986. La Jolla / UTC is known as a regional employment driver in multiple science and technology fields due to its business connectivity to the University of California at San Diego (UCSD) research ecosystem. Proximity to downtown La Jolla, job centers up and down the I-5/I-15 corridors, and some of southern California’s best beaches make La Jolla / UTC a highly sought-after locale offering convenient coastal access and short commute times. The Property offers semi-urban, walkable living 10 minutes from the ocean, a job-dense micro location with abundant neighboring retail, and spacious amenities. Community offerings on the meticulously crafted, 7-acre asset include a resort-style pool and spa, sprawling clubhouse, fully-equipped business center, modern fitness center, sand volleyball court, and bar-be-que area.
Pacific Urban Investors is committed to preserving the distinctive character and identity of Allina La Jolla while introducing new initiatives aimed at further enhancing the resident experience. The company plans to invest in modernizing the community’s amenities, including expanded communal areas for residents to connect and engage, and upgrading resident unit interiors.
“Allina La Jolla gives Pacific the opportunity to own a high quality, well-kept vintage asset that offers residents a pleasant living experience with proximate access to La Jolla beaches only a short drive away. Exceptional demographics, award-winning schools, world-class outdoor amenities, and expansive retail offerings make La Jolla / UTC as desired a coastal community as any in San Diego County. The Property’s premium location, access to multiple employment nodes, ample amenities, and well-designed floor plans, all serve as differentiating features in the marketplace,” said Grant Geisen, Senior Vice President of Investments at Pacific.
Pacific’s President Rory Gardner commented, “We are excited to obtain a position in this coveted coastal San Diego submarket where opportunities are so difficult to come by. Allina La Jolla is a welcome complement to our growing Southern California portfolio, and we are actively seeking additional San Diego investments across all our strategies; including both direct acquisitions, as well as joint venture and preferred equity opportunities.”
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About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.6 billion in assets under management and owns and manages a national portfolio of more than 20,000 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.
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