Palo Alto, CA May 2, 2012 – Pacific Urban Residential announced today it has sold The Residences at Waterstone located in the Pikesville, Maryland. The 255 unit core investment was sold to a private REIT buyer. Constructed in 2002, the apartment community was 96% occupied at the time of sale.
According to Pacific Urban Residential CEO Al Pace, The Residences were acquired in 2007 as a wholly-owned investment. “While perhaps a late cycle investment, the property remained competitive throughout the downturn, largely due to its master planned location and quality of the condominium-like floorplans. The property always performed well, notwithstanding the capital markets collapse of the 2008-2010 period. We are pleased to be selling Residences profitably, a testament to our research-based strategy of identifying compelling investment opportunities in job centric markets. I believe the buyers of the Residences see similar investment characteristics and an opportunity to own a great property in a solid, growing market.” Will Balthrope of the Institutional Property Advisors group of Marcus & Millichap handled the successful transaction on behalf of Pacific Urban Residential.
Pacific Urban Residential continues to expand its investment activities. It has recently acquired several West Coast apartment communities including the core quality Livorno Square (Northern California) and Madison Toluca (Southern California). Additionally, the firm is irrevocably committed to acquire additional apartment investments in downtown Seattle and in Northern and Southern California.
“We continue to see solid rental improvement within our existing 6,500 apartment home portfolio and expect to further acquire apartment communities on behalf of the firm and our aligned strategic partners,” states Al.
Pacific Urban Residential is a Western region focused multifamily operator. Since inception in 1998, the firm has acquired 17,000 apartment homes at consideration of over $2.5 billion. The firm is headquartered in Palo Alto, CA and has additional offices in Seattle, Los Angeles and Irvine.
The Registry www.theregistrysf.com