Pacific says it is seeking smaller apartment communities, with 10 to 50 units, in infill locations throughout the Bay Area, and recently closed on the purchase a 42-unit apartment community in the city of Pinole for $4.2 million or $99,405 per unit. A second acquisition will close in several weeks, according to the company.
The property was built in 1990 and includes a swimming pool and garden area. Pacific plans to perform renovations on the property, including converting tuck-under carports to garages, gating the community, enhancing the pool area and signage, implementing moderate interior upgrades and painting all building exteriors. Pacific hopes that this will better capture market demand.
Richard Knudson of Moison Investment Company brokered this transaction on behalf of Pacific Property Co. and the seller, Ficus Properties.
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