Multifamily owner-operator and investment manager Pacific Urban Investors acquired La Scala, a 354-unit apartment community in the La Jolla / University Town Center (UTC) submarket of San Diego, CA, on July 14, 2023. The property was renamed Veranda La Jolla (the “Property”) and marks Pacific’s 22nd acquisition in the San Diego Market. Veranda is Pacific’s second investment in UTC in recent months, following the company’s purchase of the 400-unit Allina La Jolla earlier in the year.
Veranda La Jolla is a 100% market rate property built in 1989. La Jolla / UTC is a highly regarded regional employment driver in multiple bioscience and technology fields due to its close relationship with the University of California at San Diego (UCSD) business and research ecosystem. Proximity to job nodes along both the I-5/I-15 corridors, downtown La Jolla, and some of southern California’s most well-known beaches make La Jolla / UTC a coveted neighborhood for residents offering easy coastal access and short commute times. The Property offers semi-urban, walkable living 10 minutes from the ocean, a job-dense micro location with plentiful neighboring retail, and extensive amenities. Community features on the 4-story mid-rise asset were thoughtfully constructed by the Seller and include two individual landscaped courtyards with water features surrounding a central courtyard containing a resort-style pool and spa, bar-be-que area, and expansive single-story amenity suite complete with well-appointed clubhouse / business center and leading-edge fitness center. All units offer outdoor space via balcony or patio and top floor apartments feature vaulted ceilings with clerestory windows for added natural light.
Similar to Allina La Jolla, Pacific Urban Investors is dedicated to maintaining the unique personality and distinctiveness of Veranda La Jolla while launching new programs designed to further enrich the resident experience. The company plans to invest in increasing utility of the community’s amenities, including upgrading communal areas for residents to connect and engage, and enhancing resident unit interiors.
“As a follow-on acquisition to its sister property next door, Veranda La Jolla gives Pacific the opportunity to acquire additional share in one of the most highly sought-after investment submarkets in Southern California. Proximate to a density of jobs rarely encountered, La Jolla’s world-renowned beaches, and innumerable retail options, Veranda La Jolla offers residents convenient access to work and play in a contemporary building with all the desired amenities. The Property’s premium positioning along Nobel, unit outdoor spaces, and high quality of construction are all competitive advantages in a highly occupied submarket” said Grant Geisen, Senior Vice President of Investments at Pacific.
Pacific’s President Rory Gardner commented “Allina La Jolla is off to a strong start, and we are thrilled to have added Veranda La Jolla next door, growing our Southern California portfolio by 754 total units. We remain excited about the long-term economic drivers in the region and are actively seeking additional investments across all our strategies; including both direct acquisitions, as well as joint venture and preferred equity opportunities.”