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SAN DIEGO — Raintree Partners has completed the $68.2 million acquisition of the 302-unit Trieste Apartment Villas, located at 3950 Mahaila Ave. in the prestigious La Jolla area of San Diego. More than 95 percent occupied at the time of sale, the 11-building complex offers one- and two-bedroom units configured as flats, lofts and a single townhouse unit. Laguna Niguel, Calif.-based Raintree has planned several upgrades to the multifamily property, including renovation of the existing clubhouse and improvements to the fitness center. CB Richard Ellis’ Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Trieste Apartments LLC, in the transaction; Raintree Partners represented itself.