Michael McNamara, managing director and head of acquisitions for Trecap, says that the acquisition of the Cinnabar is consistent with Trecap’s strategy “to target multifamily investments in strong markets where we see population and job growth.” He adds that “Our research suggests that San Jose has already entered recovery mode and given the growth projections and the lack of new supply, we expect significant upside potential that will meet our value-added investors’ goals.”

Over the last 18 months, Trecap has acquired 12 multifamily investments totaling over $315 million and 2,518 units. The company expects to close more transactions this summer for the same pre-specified facility. Trecap and Pacific Urban Residential have partnered on more than 30 separate transactions with current properties located throughout California and Seattle.

According to a release from Pacific Urban Residential, it also recently purchased a 57-unit apartment community called Alpine Court in Walnut Creek, CA on a wholly owned basis for roughly $6 million. Pacific’s vice president, Eric Schrumpf, highlighted the firm’s interest in the properties in the release, noting that “Through the acquisition of Cinnabar and Alpine Court, we have added a pair of well located and high-quality assets to our already sizable Bay Area portfolio.” He adds that “We believe that both properties are well positioned to benefit from the ongoing recovery in Bay Area apartment operating fundamentals and that the planned renovation programs for both projects will be well received by the market.”

Alpine Court was constructed in 1959. The property is located one block from downtown Walnut Creek. According to a release, while the property is extremely close to the central retail district, it is also less than one quarter of a mile from the city-maintained 2.5-acre Alma Park, which provides nearby open green space. It is comprised of three two-story buildings arranged around a large central courtyard. The amenity package at the asset will be improved through an overhaul of the property’s central courtyard and an improved marketing window inclusive of a refreshed leasing presence and property signage, says the release. “Unit interiors will also be updated though the renovation to allow the property to compete more effectively in the market.”

The acquisitions of Cinnabar and Alpine Court are consistent with the overall increase in investment activity at Pacific Urban Residential during 2011, says the release. “In addition to the two recently closed Bay Area investments, Pacific will be closing on significant southern California apartment acquisition in the coming weeks and is actively proceeding on a Bay Area multifamily development pipeline which spans five separate projects totaling roughly 1,100 units,” says a release.

Neither company could disclose a seller for either property. They also could not disclose renovation costs to GlobeSt.com at this time.