The Rancho Bernardo purchase, which was reported earlier this year on GlobeSt.com, marks Pacific Property Co.'s first foray into the San Diego apartment market. The Palo Alto-based multifamily investment firm has acquired the properties from Metropolitan Life Insurance Co. in a transaction that industry sources say is worth nearly $80 million.

When it came time to find an investment partner, "Pacific Property Co. contacted GMACCM because of the company's solid reputation, quick response time and proven approval and closing process," says GMACCM's senior vice president Mitchell Thurston. "GMACCM approved the transaction in less than 30 days, which allowed our partner to meet the seller's closing requirement," he adds. The Real Estate Equity Group of GMAC Institutional Advisors LLC advised GMACCM on the transaction.

GMACCM and Pan Pacific's new investment consists of the 338-unit Carmel Mountain Apartments at 12087 Alta Carmel Ct. and the 262-unit Mountain Ranch Apartments at 14906 Avenida Venusto. Both properties are comprised of one-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 $1,320.