PALO ALTO, CA – The recently established New York office of West Coast based Pacific Urban Residential (‘PUR’) recently acquired two apartment communities and is under contract to acquire a third. Upon closing of the third investment, PUR’s four-month investment activity will total $275 million dollars. Moreover, the firm is actively seeking additional, compelling apartment investments in the New York, Northern New Jersey and Fairfield County Connecticut metro areas.
Pacific Urban Residential established its New York presence in late 2018, expanding its historical West Coast footprint. Headquartered in the Silicon Valley city of Palo Alto, PUR was co-founded by industry veterans George Marcus and Al Pace. Since founding in 1998, the firm has acquired over 25,000 apartment homes for its’ own account and on behalf of a few, highly valued strategic partners. Today, PUR owns and asset manages a $4.1 billion dollar portfolio of apartment communities, largely in coastal western states.
Local investment veteran and PUR Director Patrick Freydberg, heads up the NY investment effort, aided by associates Daniel Maccabee and Matthew Lederer. “I am delighted to be part of the PUR team and lead our expansion into the Northeast,” notes Mr. Freydberg. “We are very pleased with recent acquisitions in our local markets, including value-add and long-term core holding opportunities. In May we closed our first 200+ unit investment in New Providence, NJ and just last week we closed a 300+ unit high-rise in downtown Stamford, CT. We are off to a solid start and very much look forward to evaluating and acquiring additional multifamily communities. It is our hope to rapidly establish a $1 billion dollar presence and then grow from there.”
Co-Founder and CEO Al Pace notes, “All of our investments and our investment discipline is research based. We believe there are but a few metros in the US that pass our internal research criteria. Some of the submarket dynamics we see in the broader NY metro are similar to those in the major Western city metros. As such, I look forward to rapid growth in our Northeast portfolio and fully expect to see over $2 billion in prospective investments over the next 24 months!”
For additional information on Pacific Urban Residential, please visit our website at www.purapts.com