San Diego Business Journal

Kearny Mesa Apartment Complex Sold for $121 Million

Friday, November 15, 2013

Essex Property Trust Inc. of Palo Alto has purchased the 379-unit Domain by Alta apartment community in Kearny Mesa for $121 million.

The seller, Atlanta-based Wood Partners, said in a statement that Domain by Alta was Wood’s first new-construction apartment community in San Diego when it opened in 2012. The property at 8795 Lightwave Ave. was 80 percent leased at the time of sale.

The luxury apartments are in the master-planned, 244-acre San Diego Spectrum business and residential community. The deal was brokered by Marcus & Millichap Real Estate Investment Services.

Essex Property Trust, founded in 1971, acquires, develops and manages multifamily properties mostly on the West Coast.

— SDBJ Staff Report