Built in 1977, the complex was formerly known as Brook Park West. Amenities here include a pool, spa, and clubhouse and fitness center. Pacific Property acquired the property in January 2000 and then spent more than $1 million to upgrade it.
"We are thrilled with the Brookstone disposition as it demonstrates the viability of our investment strategy; acquiring quality assets in highly constrained markets poised to benefit from professional management and/or capital improvements," says Phillip Shuster, Pacific's managing director in Southern California.
"Our capital improvement program and management efforts stabilized the property at rent levels significantly superior to those in-place at acquisition," Shuster adds. Rent levels at Brookstone improved by more than 40% during Pacific's two-year ownership period.
Karoline Sauls and Margie Molloy of Hendricks & Partners acted on behalf of Pacific.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
