Search
 

Pacific Property Buys Two Apartment Complexes

SAN JOSE, CA-The Palo Alto-based multifamily investor pays $96.6 million for the adjacent Capitol Village and Ellmar Oaks apartment communities.

By Brian K. Miller | Updated on July 11, 2007

(Read more on the multifamily market.)

SAN JOSE, CA-Pacific Property Co. has added 432 apartment units to its portfolio for $96.6 million. The Palo Alto-based multifamily investor acquired the 166-unit Capitol Village and 266-unit Ellmar Oaks apartment communities here in a JV with Capmark Financial. The seller was the developer, an affiliate of locally based ABL Property Management.

The Pacific Property and Capmark plan to inject additional capital into the projects as part of a planned repositioning. The properties will be managed as one asset out of a new centralized leasing office. The two communities will also gain a single identity, Waterstone San Jose.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.