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Torrey Hills site for 384 for-rent condos sold

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The $39 million investment in 13.5 acres in Torrey Hills and expected further investments in construction lends credence and confidence in San Diego as one of the nation's top apartment markets.

Torrey Hills is a decade-old suburban community in north San Diego City at the southeast quadrant of Interstate 5 and state Route 56, between Torrey Pines and Rancho Penasquitos.

The master-planned community began with housing, followed by retail and office development.

The condo-for-lease project joins other for-rent Torrey Hills properties; 340-unit Archstone Torrey Hills, which opened in 1999; the 348-unit Carmel Creek apartment on Carmel Creek Road completed in 2001, owned by BRE Properties, and the Irvine Co.'s 430-unit Torrey Ridge Apartment Homes on Torrey Circle.

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