Pacific Urban Residential Acquires Seven Apartment Communities, Sells Others

PALO ALTO, CA – “We Are Multifamily!” So states the website splash page for prolific West Coast apartment investor and operator Pacific Urban Residential, among the most active existing apartment asset investors in the nation. Exclusively focused on apartment investments across the yield spectrum, PUR announced it recently acquired seven multifamily communities totaling nearly 1,200 units and $270M in separate transactions, building on its current $2.2 billion portfolio. Recent investments include communities in the desirable San Diego, Hollywood, Irvine, Los Angeles, Concord and Portland/Lake Oswego target markets. Additionally, the firm announced today it is under contract to acquire additional communities in Denver, Colorado and another investment in San Diego. PUR is not only buying; the shop recently sold apartment communities in Anaheim, Covina and Seattle. Moreover, the entrepreneurial apartment operator/pension manager is under contract to sell several additional communities as it harvests gains and redeploys investment capital.

“Our proprietary research continues to support favorable demand/supply characteristics in several of our target markets.” states Al Pace, CEO and co-founder of the West Coast based firm. “Our multi-office acquisition team coupled with the benefits of our proprietary submarket research continues to result in successful identification and sourcing of value and long-term apartment investment opportunities. Our four West coast Offices and deep investment in acquisition and asset management talent continues to be a competitive, distinguishing characteristic.”

PUR’s recent investment activity includes apartment communities in the highly desirable target markets of San Diego/Poway and Portland/Lake Oswego on behalf of PUR’s institutional pension venture, Pacific Multifamily Investors. According to Al Pace, “These investments present compelling long-term locations, good basis and durable cash flow characteristics for the Pacific Multifamily Investors venture. Eighteen months since PMI’s first acquisition in Sunnyvale, CA, PMI investments are nearly $600m. Recent purchases will undergo non-disruptive moderate capital improvements, inclusive of refreshed amenities and efforts to improve sustainability aspects under PUR’s EcologicTM effort.”

In addition to the PMI venture, PUR recently acquired value-add apartment opportunities for institutional strategic partners. “We are grateful for these important strategic institutional relationships and are committed to delivering high value to our partners. Recently acquired value properties are located in Warner Center, Hollywood and in other approved target markets.”

Since 2014, PUR apartment investment and sales activities total nearly $1.3 billion.

Looking forward, PUR is actively considering deployment of a multifamily Core Investment Strategy on behalf of prospective institutional partners. “We will continue to invest across the multifamily yield spectrum, inclusive of Value Add, Core + and Core. We remain a nimble, seasoned, research-based multifamily investment platform. PUR’s apartment DNA stretches back to 1969, through 1986 tax-reform, the Long Term Capital Management set back of 1998, the dotcom and challenges the early 2000’s and the great financial crisis of 2008. Multifamily is all we do and we like the markets we are in,” comments the CEO. “Our focus and strategy remains straightforward: identify compelling investments in compelling markets for our strategic partners.”

Look for PUR to remain an active Western Region buyer and seller in all sectors of the apartment yield spectrum.

For more information on Pacific Urban Residential, please visit

West Coast Commercial Real Estate News