The 444-unit Mirada at La Jolla Colony and the 320-unit Santa Fe Ranch in Carlsbad has been sold as part of a 51-property, $2.6 billion institutional portfolio sale. The individual sales prices of of the complexes were as yet unavailable.
The huge apartment acquisition by TIAA-CREF includes all the North American assets of Henderson Global Investors. The combined entity will be known as TH Real Estate and will be headquartered at Henderson's London, England offices.
The Mirada property at 7568 Charmant Drive in University City had previously sold for $41.3 million in July 1999.
The CoStar Group reported the Mirada complex had a vacancy of just 3.2 percent. The units generally range from 535 to 925 square feet and have rents ranging from $1,337 to $2,099 per month.
This was at least the second time Mirada was part of a major portfolio sale. When Henderson acquired the complex in 1999 it was part of a $200 million, 11 property asset sale extending from here to Miami.
The Santa Fe Ranch property at 3402 Calle Odessa in Carlsbad, which had sold for $45 million in 2002 and $35.7 million in 1999, has units generally ranging from 679 to 924 square feet. The lease rates range from $1,435 to $1,637 per month.