PALO ALTO, CA - Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed the acquisition of Casas by the Sea, an oceanfront multifamily community consisting of 140 apartments and two single-family homes located in the Bird Rock/La Jolla neighborhood of San Diego. Adjacent to Tourmaline Beach, the community provides exceptional beach access and walkability to an abundance of retail and dining options. The acquisition reflects Pacific’s continued conviction in Southern California where the firm currently owns 23 multifamily assets and 5,661 units. San Diego remains a top target market with Pacific now owning 12 assets across 2,767 units.
“Casas by the Sea is a vintage community in a trophy location with excellent schools, strong incomes, and low levels of crime. It presented the rare opportunity to own a coastal community within one of our top-rated and highly occupied submarkets,” said Vas Giahos, Senior Vice President of Investments at Pacific Urban Investors. “There are significant enhancement opportunities throughout the community, which Pacific will thoughtfully explore with the goal of improving the resident experience. Pacific is excited to complete the investment and continue to expand our holdings in San Diego.”
Casas by the Sea was built in 1970 and is spread across four individual multifamily buildings totaling 140 units along with two adjacent single-family residences. The community offers a balanced unit mix of studio, 1-bedroom, 2-bedroom and 3-bedroom floor plans with an average unit size of 988 square feet. Approximately 86% of the units offer ocean views.
“Casas by the Sea’s coveted location fits squarely within Pacific’s vintage core strategy. Coastal San Diego’s demand dynamics are strong for multifamily, so we expect that supply demand imbalance to generate exceptional durability of income at the community,” said John Fluke, Managing Director of Investments at Pacific Urban Investors. “While our conviction in San Diego remains high, Pacific is actively seeking to grow our portfolio’s geographic diversification across all strategies in our target markets throughout the U.S.”
About Pacific Urban Investors: The Palo Alto, CA-based company has over $9.5 Billion in assets under management and owns and manages a national portfolio of more than 23,000 units. The firm and its partners have decades of experience in apartment investments including Core, Vintage Core, and Value Add strategies. Pacific has become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. For more information, please visit www.pacificurbaninvestors.com