The Irvine Company made its second big apartment buy this year in San Diego, picking up the Torrey Villas Apartments for a reported $172.5 million.
The price, according to trade publications, pegs the complex’s 463 apartments at $365,000 apiece.
The apartments are on Vista Sorrento Parkway, near the intersection of the San Diego (I-5) Freeway and the Jacob Dekema (805) Freeway.
It was built by La Jolla-based Torrey Villas LLC, which sold the property.
Apartments run from one to three bedrooms. Rents for the one and two bedroom units range from $1,795 to $2,325, according to the property’s Web site.
It’s the second big Irvine Co. apartment acquisition in San Diego this year. In August, it paid New York-based ING Clarion Partners $183 million for the 668-unit The Villa Dorado at Mission Valley Apartments.
The company owns about 80 apartment buildings in all, totaling more than 28,000 units.
The Irvine Co. has spent more than $800 million on San Diego apartment and office deals this year.
Earlier this year, it closed on two high-rise office buildings in San Diego for a reported $450 million. The acquisitions included San Diego’s marquee One America Plaza.
