West Coast Apartment Portfolio Grows to 6000+ units; $1.5 billion
Palo Alto, CA – Pacific Urban Residential continues to be among the most active west coast investors, announcing today it has acquired Avalon Paseo Place, located in Fremont, California. The seller was AvalonBay Communities. John McCulloch and Curtis Gardner of ARA Pacific in San Francisco brokered the transaction.
Pacific Urban Residential closed the transaction on an all cash basis for its own account.
‘We are delighted to add this community to our west coast apartment portfolio of over 6,000 homes’ states Al Pace, CEO and co-founder of Pacific Urban Residential. ‘We remain very enthused about Northern California investment fundamentals and in particular this community’s ability to successfully compete in the market place. Avalon Paseo Place is a fully-amenitized, low density community offering residents an attractive rent value proposition, particularly when compared to new luxury apartments in the area.’
The 134 unit Avalon Paseo Place was constructed in 1987 and sits on nearly seven acres. The community feature two pools, a clubhouse and a fitness center. Apartment home amenities include washer/dryers and central air conditioning in every unit. The community location also benefits from highly ranked schools within the Fremont Unified School District.
According to Pacific Urban Residential Vice President Eric Price, ‘ Our asset management team will implement site enhancements which include addressing deferred exterior siding, new exterior paint and design, lighting and landscape upgrades, the addition of common area barbecues and installation of new countertops to kitchens and baths. Additionally, I note we closed Avalon Paseo Place on all cash basis, indicative of both our confidence and the financial strength sellers are seeking in an uncertain economic environment.’
Pacific Urban Residential is among most multifamily investors in the west. Since 2011, Pacific and its strategic institutional partners have acquired or sold over $500,000,000 in west coast apartment communities. With the addition of Avalon Paseo Place, Pacific Urban Residential’s 2012 multifamily activity totals approximately $130 million with another acquisition set to close before year-end. Additionally, the firm is currently engaged in over $10,000,000 of rehab expenditures, further enhancing the quality of owned communities. Today, Pacific’s west coast multifamily portfolio totals over 6,000 apartment homes and $1.5 billion.
The firm is actively seeking additional multifamily investments in the San Francisco Bay Area, Southern California and the Seattle MSA.