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UTC Retirement Condo Tower Part of $640 Million Sale

Pacific Regent La Jolla, a condominium tower in University Towne Center, is part of a 15-property, 11-state portfolio of retirement communities recently sold in a deal valued at approximately $640 million.

CoStar Group reported the buyers are NorthStar Healthcare Income Inc. of New York City and The Freshwater Group of Tucson, Ariz., recorded as Watermark La Cholla Owner LLC. The seller was an affiliate of Health Care REIT Inc. of Toledo, Ohio.

The 19-story, 188,005-square-foot Pacific Regent La Jolla is a skilled-nursing and assisted-living facility at 3890 Nobel Drive. Watermark Retirement Communities Inc. will continue as the operator of that and other properties in the portfolio.

In a recent filing with the U.S. Securities and Exchange Commission, NorthStar officials said the joint venture is acquiring retirement communities consisting of approximately 3,637 residential units, 65 percent of which are rental properties and 35 percent of which are entrance-fee properties.

The portfolio will be 97 percent owned by NorthStar and 3 percent owned by Freshwater Group.

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