DUBLIN, CA-A joint venture of El Segundo, CA-based PCCP and Oakland, CA-based Signature Development Group has acquired the 130-unit, nearly complete Tralee Village at 6601 Dublin Blvd. and plans to complete construction on the project to have it ready for August occupancy. The JV bought the property from Wells Fargo Bank in a transaction that was brokered by ARA, which was the exclusive adviser to Wells Fargo on the transaction. Principals John McCulloch, Curtis Gardner and Mark Leary of ARA represented the lender; the ARA team also handled the prievious sale of the existing townhomes and undeveloped land that was part of the same planned development.

Over the coming months, Signature will manage various aspects of project completion, after which PCCP will transition the property to full-time third party property management in the fall of 2011. Pre-leasing is expected to begin in July at the complex, which was originally planned as luxury condominiums.

VP Jim Galovan of PCCP says that the El Segundo-based company plans to own and operate the complex unleveraged until it is stabilized. He says the new owners believe the property will be fully leased by the spring of 2012, considering "its highly desired Dublin location" at the major cross streets of Dublin Boulevard and Dougherty Road, and "the supply-constrained apartment market in the Bay Area." He noted that the property is being acquired well below replacement cost and is situated in a submarket with an overall apartment vacancy rate of 4%.