PALO ALTO, CA - Pacific Urban Residential continues to be among the most active West Coast multifamily investors, announcing today it has acquired Villas La Costa, located in Carlsbad, California. The seller was Oram Properties of San Diego. Christopher Zorbas of Marcus & Millichap brokered the transaction. The 24-unit Villas La Costa was constructed in 1987 and sits adjacent to La Costa Resort and Spa.
In addition to its large property joint venture investments and recent $1 billion strategic “vintage core” program with CalPERS, Pacific Urban Residential has expanded its effort into the urban small apartment community space, acquiring several smaller apartment communities. Villas La Costa represents Pacific Urban Residential’s second Southern California acquisition in the last three months. Expanding into the “under 75-unit” space, PUR has acquired several small apartment communities in the San Francisco Bay Area. The Villas La Costa investment expands the firm’s footprint in this arena.
“We remain very enthused about San Diego investment fundamentals. In conjunction with our imminent acquisitions in California and Washington, PUR and our strategic partners are well-positioned to strategically invest in multifamily niches during 2014,” states Al Pace, CEO and co-founder of Pacific Urban Residential. “From an investment perspective, Villas La Costa is an exciting value add investment with significant upside and returns.”
According to Pacific Urban Residential Investment Associate Grant Geisen, “Villas La Costa will provide our residents with high quality residential living in a superior community while offering an attractive rent value proposition to newer construction in the area.”
In addition to the Villas La Costa transaction, in the next two months Pacific Urban Residential will close $250 million in new investments, spanning San Diego, Orange County, Los Angeles, Northern California and in Seattle.
PUR remains among the most active multifamily investors in the west and has acquired nearly $3 billion of multifamily investments since its’ founding in 1998. In the past two years, Pacific Urban Residential and its strategic institutional partners have acquired or sold approximately $600,000,000 in west coast apartment communities. Today, Pacific Urban Residential’s West Coast multifamily portfolio totals over 6,000 apartment homes and $1.5 billion.