Content area
Full text
1,410 Apartments in Mission Valley
The Irvine Company has made its largest single-property acquisition of the year, getting an upscale apartment complex in San Diego's Mission Valley.
The Newport Beach-based real estate investor and developer recently closed on the purchase of La Mirage, a La Mirage: hilltop site a few blocks from 1,410-unit apartment com- Qualcomm Stadium plex just off the Escondido (15) Freeway.
The 74-acre hilltop site is a few blocks from Qualcomm Stadium, home to the San Diego Chargers.
La Mirage was purchased from Chicago-based apartment owner Equity Residential. A sale price for the transaction, which was completed late last month, was not disclosed.
The tab would come to about $350 million based on a per-apartment price in the $250,000 range-the going rate for higher-end rental properties in the region.
That estimate would put the deal among the most expensive seen in San Diego this year.
The county's priciest real estate sale of any type this year is reported to be the La Costa Resort and Spa in Carlsbad. Dallas-based Omni Hotels & Resorts purchased that property for an estimated $365.8 million.
The...