Palo Alto, CA June 20, 2012 – Palo Alto – Pacific Urban Residential announced today it has acquired the 112 unit Sequoia at Wellesley Crescent Park. The 1963 apartment community is located in Redwood City, midway between two of the nation’s most dynamic employment centers – San Francisco and San Jose, California. The property was acquired from a private investment group.
“We are delighted with this new investment. Our team is confident that we will materially improve rental and net income through a thoughtful and integrated capital plan.” states Pacific CEO Al Pace. “Redwood City is a dynamic city and vibrant rental market, benefitting strongly from continued growth in the technology arena and related businesses. We believe this investment will benefit from both strong fundamentals and a substantive rehab that will address current property limitations.”
Pacific Urban Residential notes Sequoia will undergo a significant facelift and plumbing, balcony and railing upgrades. Additionally, the firm intends to upgrade the common area facilities, including fitness and pool modifications while moving the leasing office closer to the street and prospective resident traffic.
Pacific acquired the property for its own account. The transaction follows on the heels of other Pacific transactions, including the luxury rental Livorno (San Jose, CA) and Copperfield (Seattle, WA), which will also undergo a material rehab. Pacific also notes it has two additional California transactions under contract it expects to close in the next sixty days.
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.