The joint venture bought the six-story complex at 520 Van Buren Ave. in June 2000 and invested $600,000 to improve interior hallways, apartment interiors and exterior landscaping. Occupancy was 94% at the time of sale.
Without saying how much it paid for the property, Steve Weilbach, Regional Director of Acquisitions in Pacific's Northern California Office, said the property was sold "earlier than planned" because of the "excellent investment return" that was achieved.
Marcus & Millichap brokers Kevin Turner and David Wolfe represented Pacific in the transaction. The buyers were represented by William E. Brown, an independent broker.
In a separate transaction, Pacific sold a 42-unit Pacific Crest apartment community in Pinole, Calif. to a Mill Valley-based investment group for $5.7 million. Weilbach characterized the Pacific Crest sale as noteworthy for what he says was a 25% improvement to net operating income in just 18 months since owning the property.
Pacific Crest was the first property sold by Pacific Property Company in its Small Property Investment Program, which Pacific launched two years ago to focus exclusively on acquiring and repositioning apartment communities of 50 units or fewer.
The Northern California dispositions follow five multifamily property sales by Pacific in Los Angeles and Orange Counties in recent weeks. Pacific closes out its fiscal year end (March 31, 2003) having sold $160 million of California apartment communities. The firm also acquired $140 million during the period.
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