NorCal Buyers Close $38M Apartment Deals

(To read more on the multifamily market, click here.)

LOS ANGELES-Northern California-based buyers Pacific Property Co. and Montgomery Partners have acquired two apartment complexes for an aggregate of $37.5 million in two separate deals, including the sale of the landmark Park Wilshire complex. Pacific Property bought the 102-unit Wilcox Apartments at 1750 N. Wilcox Ave. in Hollywood for $20.5 million from Montgomery, and Montgomery acquired the 170-unit Park Wilshire at 2424 Wilshire Blvd. from the Irvine-based Bascom Group for $17 million.

Broker Ron Harris of Marcus & Millichap, who was involved in both of the deals, tells GlobeSt.com that the acquisition of the Wilcox property, which is across the street from another Pacific Property complex, gives the Palo Alto-based company “a significant position in a tight rental market in Hollywood.” Harris notes that the seller in the Wilcox transaction had completed a significant capital improvement program over the past two years, renovating a large percentage of the units.