Pacific Urban Investors has expanded its multifamily presence in the San Diego market with the acquisition of a 400-unit community, La Jolla International Gardens, from an undisclosed seller. The buyer has rebranded the property “Allina La Jolla”.
The fully market-rate community was built in 1986 with one- and two-bedroom units ranging from approximately 652 to 1,215 square feet. The units were built with fireplaces and walk-in closets, with select units also offering vaulted ceilings. The community’s amenities include a clubhouse, internet lounge, hot tub, pool, fitness center, sand volleyball court, laundry facility and barbecue grills.
Located at 3417 Lebon Drive in San Diego’s La Jolla/University Town Center neighborhood, Allina La Jolla is within walking distance to downtown La Jolla and the University of California at San Diego. The community is located in an area that’s known as a regional employment driver since it hosts several science and technology companies along the I-5 and I-15 corridors.
With the community rebranded as Allina La Jolla, Pacific also has plans to improve the resident experience. The firm will modernize the community’s amenities by expanding communal areas for the residents, while also upgrading unit interiors.
Growing San Diego footprint
With Allina La Jolla, Pacific is now up to 21 communities in the San Diego market. Overall, the Palo Alto, Calif.-based firm owns and manages a portfolio with more than 20,000 units across the U.S.
Rory Gardner, president of Pacific, said in prepared remarks that the firm is actively looking for more investment opportunities across San Diego, including direct acquisitions or joint venture and preferred equity partnerships.
Pacific formed a preferred equity venture with Khosla Capital to acquire a 408-unit luxury community in Westchester County, N.Y. in August 2022. More recently, the firm sold its 205-unit community in Canoga Park, Calif. for $54 million.
