Pacific, along with joint venture partner GMAC Commercial Mortgage Corp., acquired Mountain Ranch Apartments and the adjacent, 338-unit Carmel Mountain Apartments property in December 2002 for approximately $80 million from Metropolitan Life Insurance Co. At that time, Pacific's company officials were contemplating a five-year hold period and a $4.7-million rehab project aimed at upgrading both properties. Pacific has actually begun the renovation program and as a result, has tacked on an additional $175 per month to Mountain Ranch's rents, which ranged from $970 to $1,320 at the time of the December 2002 acquisition. When it comes to the five-year hold period, however, "the property's exiting condominium map and our (Pacific's) 'on the ground' assessment of current Southern California investor demand for institutional quality, well-located assets indicated an earlier exit was warranted," according to the firm's acquisitions manager Rory Gardner.

Located at 14906 Avenida Venusto, Mountain Ranch Apartments is comprised of both one- and two-bedroom units that range from 704 sf to 1,036 sf. Amenities here include a pool, sauna, fitness center and business center. In addition, the current renovation program will result in interior upgrades, such as new kitchen cabinetry, flooring, granite counters and crown molding.

The recent transaction was brokered by Marc Renard of the Los Angeles office of Cushman & Wakefield.