San Diego Business Journal

UTC Apartment Complex Sells for $64.7M

Tuesday, February 7, 2012

A South Carolina investment firm has purchased Las Flores, a 312-unit apartment complex in the University Towne Center neighborhood, for $64.7 million.

The acquisition was part of a $169 million purchase of four Southern California apartment properties by Greystar Real Estate Partners LLC of Charleston, CoStar Group reported Feb. 2.

The deal closed Jan. 12 and also included properties in Riverside, North Hollywood and San Clemente.

The seller was New York City-based BlackRock Inc., represented by CBRE. The buyer was not represented by a broker.

Las Flores, a fully leased 248,656-square-foot complex, was built in 1986. It is located at 7039 Charmant Drive.

— Lou Hirsh