(To read more on the multifamily market, click here.)
MILLBRAE, CA-Pacific Property Co. of Palo Alto has acquired the 136-unit Townsquare apartment complex here for $25 million. The new Millbrae City Hall and Library sits adjacent to the property.
Constructed in 1971 at 509 Poplar Ave., Townsquare is the largest apartment community in Millbrae. Property amenities include a swimming pool, central clubhouse and leasing center, and covered parking. The seller was Townsquare Associates, a Sacramento-based private partnership.
Pacific's San Francisco-area acquisitions associate Eric Schrumpf tells GlobeSt.com that the plan is to make minor cosmetic upgrades to the property, change the name and push rents. A 735-sf unit currently rents for around $1.60 per sf per month, or about $1,200. Larger two-bedroom units rent for between $1,500 and $1,600 per month.
Exterior improvements will include new paint, landscape and signage, Schrumpf says. Interior improvements may include, paint, carpet, counters and cabinetry. Pinnacle will manage the property.
The acquisition is the fourth Northern California apartment property Pacific Property has acquired in the past 12 months. In December, the company acquired the French Village and Normandy Square communities in Belmont, which have a total of 198 units.
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