Palo Alto, CA – Pacific Urban Residential (PUR) has acquired the 84 unit Vista Del Lago apartments at 1841 Laguna Street in Concord, CA for an undisclosed price. Anthony Pappageorge and Richard Knutson of Cornish & Carey Commercial Newmark Knight Frank represented the private seller in the transaction.
Vista Del Lago marks PUR’s second East Bay acquisition in less than twelve months, having acquired the 134 unit Paseo Place apartments in Fremont, CA in November of 2012. The firm has also been active in the Pacific Northwest and Southern California, closing several transactions over the past year.
Vista Del Lago was acquired by PUR principals for all cash, closing thirty days from contract execution. As the community is in a significant state of deferred maintenance, Pacific has commenced a comprehensive capital improvement plan addressing all aspects of the property including the building exteriors, systems, common areas, unit interiors, signage and resident amenities. PUR’s Vice President of Investments, Eric Price, described the appeal of the investment noting that “the property is currently the lowest renting market rate apartment asset over 50 units in the city yet is situated in one of the best locations in Concord, adjacent to the BART Station and nearby Todos Santos Plaza.”
In addition to closing Vista Del Lago, PUR is under contract to acquire four additional communities, all of which are anticipated to close before calendar year end.
About Pacific Urban Residential
Pacific Urban Residential is among the most active multifamily investors in west coast apartment communities. Since inception in 1998, PUR principals and institutional partners have acquired over $3 billion of west coast apartments. Today, PUR and its strategic institutional partners own and operate a $1.4 billion dollar portfolio of urban centric apartment communities.