The assets consist of two multifamily complexes, the 338-unit Carmel Mountain Apartments and the 262-unit Mountain Ranch Apartments, which Pacific Property Co. has purchased from Metropolitan Life Insurance Co. Both properties are comprised of one-bedroom and two-bedroom units, which vary in size from 704 sf to 1,036 sf. In addition, they feature a host of amenities, including fitness centers, business centers, pools, saunas, Jacuzzis and racquetballs. Rents at both complexes range from $970 to $1320.

The new owner plans to invest an additional $4.7 million to rehab the two apartment communities, with improvements consisting of interior upgrades like new kitchens, flooring and lighting. "We are confident that the combination of our value-added strategy and aggressive management will allow these properties to improve their competitive position in one of Southern California's strongest rental submarkets," says Rory Gardner, the acquisitions manager of Pacific Property's Irvine office.

CEO Alfred Pace notes that the new acquisitions are part of Pacific Property's strategy to buy well-located apartment complexes in urban and commute corridors where potential home owners face strong barriers to entry. "We like San Diego County and believe in the area's long term health and need for good quality housing," Pace adds.