By Meghan Hall
The Bay Area apartment market continues to thrive, with deals that closed at the end of 2019 now coming to light. In a transaction that was finalized on December 20th, PMI Waterford, an affiliate associated with Pacific Urban Residential, shelled at $194 million, or an even $485,000 per unit, for the Sofi Waterford Park complex. First reported by The Mercury News, Pacific Urban paid cash for the property, which totals more than 400 units.
According to public property documents, the seller is an entity associated with Grosvenor USA Limited. Grosvenor purchased the property in October of 2015 for $160 million, or $400,000 per unit.
The complex is located at 4000 Ellmar Oaks Drive, and has studios, one-, two- and three-bedroom units. According to the property’s website, pricing for studios begin at $2,200 per month, while three bedrooms run about $3,200 per month. Currently, the complex has 32 available units. Residences come equipped with washer and dryers, quartz countertops, stainless steel appliances, mahogany cabinets and hardwood-style flooring.
Community amenities include swimming pools and cabanas, two fitness centers, a resident clubhouse and business center. Residents can also take advantage of outdoor social and dining areas, private garages or covered parking, and 24-hour emergency maintenance services.
Pacific Urban Residential has been active throughout the Bay Area for years; in 2016, the firm announced that its overall transaction during the year for West Coast multifamily assets totaled $1 billion, with an additional $800 million goal for 2017. In the spring of last year, Pacific Urban purchased the Brandon Riverview Apartments for $132.5 million, or just under $489,000 per unit, from WTI Inc.
Since its founding in 1998, Pacific Urban has acquired over 17,000 apartment units valued at more than $3 billion, according to the firm’s website. The Palo Alto, Calif.-based firm targets properties with more than 100 units that are either core investments or value add opportunities. Typically, the firm’s financing strategy is to pay in all cash, with no finance contingencies.