(To read more on the multifamily market, click here.)
WASHINGTON, DC-Palo Alto, CA-based Pacific Property Co. has opened its first East Coast office here and plans to open more over the next few years in select cities along the Eastern Seaboard. The privately owned multifamily investment company plans to acquire roughly $100 million in investments in the DC area, including suburban Virginia and Maryland over the next 12 months, managing director Rory Gardner tells GlobeSt.com. Gardner will oversee the firm's East Coast initiative.
Pacific is not married to any one investment strategy, he says. "We own core assets and value add assets. We buy anything that offers a compelling investment opportunity." He says the firm does not have anything in its pipeline for this region yet. "We are actively trying to source opportunities right now."
Pacific decided to expand east to complement its solid market share on the West Coast, he says. "The firm has grown significantly over the last nine years. We have not yet planted our flag here and now was the time to do so."
Pacific likes the Eastern markets because they are mature, without an enormous amount of supply risk and have strong employment centers, he says.
The DC office will be staffed with four principals, including Gardner. Two of which are relocating from the Los Angeles office. The firm will fill the third spot locally.
Pacific has more than 8,000 units in its portfolio, with a cost basis of more than $1.2 billion.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
