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SAN DIEGO — Essex Property Trust Inc. (NYSE: ESS) has acquired the Domain by Alta — San Diego, a 379-unit luxury apartment community in San Diego, for $121 million. Wood Partners sold the complex, which is located at 8795 Lightwave Ave. in the city’s Spectrum Center business park.
The property opened in 2012 and is 80 percent leased. Domain by Alta — San Diego includes 23 studios, 197 one-bedroom and 159 two-bedroom units. The multifamily community contains two four-story buildings and a clubhouse built atop underground parking that can accommodate 750 vehicles. Community amenities include a landscaped pool area with waterfalls, cabanas, a spa and barbeque pits. The two-story clubhouse also features wireless work stations and a health club.
“There are very few luxury, institutional quality apartment buildings available for purchase in San Diego County and this was a rare opportunity to acquire one,” says Brian Hansen, a director with Atlanta-based Wood Partners who oversees the company’s development projects in Southern California. “The market for luxury rental properties in San Diego is tight. Supply is low, demand is high and the economy is picking up steam.”
There are more than 15,000 jobs within a two-mile radius of the complex, according to Wood Partners. Additionally, Kaiser Permanente has plans to break ground on a 300-bed, state-of-the-art medical facility less than one mile from Domain by Alta — San Diego.
Palo Alto, Calif.-based Essex Property Trust is a real estate investment trust that acquires, develops and manages multifamily properties in selected West Coast markets. The company’s stock price closed at $159.95 per share on Thursday, up from $134.61 per share a year ago.
Founded in 1998, Wood Partners is a national real estate company that acquires, develops and manages high density and mixed-use communities. The firm has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide.
— Brittany Biddy