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Pacific Property Banks on Costa Mesa

COSTA MESA, CA-The company paid $9.9 million for a multifamily project in Costa Mesa. A report from Marcus & Millichap is optimistic about the county's tight apartment market.

By Erin Cassin | Updated on August 01, 2001

COSTA MESA, CA-A Costa Mesa multifamily complex has been sold for $9.9 million to a Palo Alto-based investor, as the Orange County apartment market continues to tighten.

The 104-unit property, formerly known as Rancho Palisades Apartments, has been acquired by Pacific Property Co. The new owner has renamed the complex Missions at Back Bay and has already started renovations, which are valued at more than $1.3 million. The renovation project, which is expected to take between 12 to 18 months to complete, will include exterior and interior improvements, according to Phillip Shuster, the managing director of Pacific Property’s Southern California operations.

Interior refurbishments have already begun on areas including bathrooms, kitchens and lighting. Exterior renovations will include changes to the pool, landscaping and roofs. A fitness center will be added, Shuster says.

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