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CARLSBAD, CA-Cascade Falls, a 450-unit apartment property, was sold in a joint venture between Pacific Property Co. and GMAC for $77.7 million. The property, which will be repositioned and rehabbed, was sold by Universal Holdings Development Co.The acquisition is not the first joint venture between the firms. San Diego-based Will Roos, acquisitions officer for Pacific Property Co., tells Globest.com, "Pacific and GMAC have purchased several hundred million dollars worth of apartments in the last few years."The purchase marks Pacific Property Co.'s second acquisition in San Diego in the last 12 months, having bought the 72-unit Ocean Breeze Village in November 2005. Roos tells Globest.com that his firm is actively seeking additional property in the area, and that San Diego is among Pacific Property Co.'s "top target markets."Roos continues to say that the slowing condo conversion market benefits apartment investors looking for higher-end product."Fundamentals in San Diego are among the best on the west coast. Job growth and a lack of new supply continue to boost rents in the region," he says. "We expect to acquire more large apartment product on both value-add and core investment scenarios over the next year."Cascade Falls was built in 1985 and sits on 29 acres of land. According to Roos, the property, which is 89% occupied, will receive a significant amount of capital for refurbishment. Improvements include renovation of interiors and the construction of a new clubhouse and leasing center. The rehabbed interiors will feature crown moldings, refinished ceilings, cabinetry and new counters, flooring, paint and fixtures.The deal was sourced by Roos, while Sean Deasy of CB Richard Ellis represented the buyer and seller.