The buyer is listed as Pacifica Santa Clara LP, which based on information from the Secretary of State's office is a unit of San Diego-based Pacifica Cos. Inc., which touts itself as the nation's 26th largest hotel company.

Los Padres Village consists of 11 two- and three-story buildings on 9.8 acres. Constructed in 1998, the buildings have a mix of studio, one- and two-bedroom units. The property was 95% leased at the time of sale. Based on information at Pacifica's website, Los Padres Village is the company's sixth apartment property and the first in Northern California.

Curtis Gardner, Pedro Arroyo, Craig Chiappone and David Silver were the lead contacts for Arroyo & Coates for the negotiation of the sale. The brokers involved declined to speak about the specific financial of the deal, but other brokers familiar with the transaction say the pro forma cap rate was around 6% but the real numbers push it down into the low 5% range, which is consistent with recent sales of similar properties.