Los Angeles, CA – Pacific Urban Residential wrapped up a busy second quarter by closing on Arbors at Warner Center, a 250 unit multifamily community in Woodland Hills, California for $46,150,000. Pacific plans to invest approximately $2.4M to renovate the property, which will undergo both exterior and interior enhancements. The transaction, a direct deal between Pacific and the seller, involved the assumption of approximately $26.5M in existing Freddie Mac financing.
Pacific’s Managing Director, Rory Gardner, detailed the firm’s interest in the property, “Arbors represents the primary investment characteristics our firm seeks; a highly occupied, infill submarket proximate to a tremendous job base coupled with property level rental rate upside through capital investment. “
“Moreover, the infrastructure of the property is superior. All property floor plans are extremely functional. In addition, the low density nature of the site provides for a resident experience that is unique among the rental offerings in the submarket. Our renovation efforts will focus on improving the property’s marketing window along Canoga Avenue, establishing a consistent interior unit offering, and updating the common area clubhouse and fitness center.”
Pacific’s President, Alfred Pace, expanded on the firm’s continuing recent investment efforts, “The Arbors transaction was our fifth in the last few months, coming on the heels of Copperfield, 72 units in Seattle, WA, Livorno Square, 50 units in San Jose, Sequoia, 112 units in Redwood City, and the recapitalization of Sage, 230 units in Cupertino, CA. I am pleased to note that our recent West Coast activity exceeds $160,000,000 in multifamily investment. We continue to seek well located multifamily communities to add to our portfolio.”
Pacific Urban Residential is a West Coast privately held multifamily investment firm, headquartered in Palo Alto, CA. Co-founded in 1998 by CEO Alfred Pace and George Marcus, the firm has acquired over 100 West Coast multifamily properties exceeding $2.5 billion in total consideration. The firm currently owns a West Coast portfolio of nearly 7,000 apartment homes valued at over $1.5 billion.
