Pacific Urban Pays $220M for Multifamily Duo
These purchases brought the firm's national portfolio to more than 22,700 units.
Pacific Urban Investors has acquired two multifamily properties totaling 832 units for a combined $219.5 million, public records show.
Viridian is a 420-unit community in Greenwood Village, Colo., near Denver. Its previous owner was J.P. Morgan Asset Management, according to Yardi Matrix data, and traded for $117 million. Completed in 2003, the property comprises one-, two- and three-story floorplans ranging from 570 to 1,420 square feet.
Apartments feature in-unit washers and dryers, walk-in closets, private balconies or patios and 9-foot ceilings. Common-area amenities include a two-story fitness center, swimming pool, dog wash station, barbecue, basketball court and movie theater. Located at 5335 S. Valentia Way within Denver Tech Center and off Interstate 25, Viridian is roughly 13 miles south of downtown Denver and 5 miles from Centennial Airport.
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Mount Vernon Flats at the Perimeter totals 412 units in Atlanta. New York Life Insurance Co. sold it for $102.5 million in a transaction arranged by Walker & Dunlop.
Completed in 1995, the community encompasses 19 buildings with one-, two- and three-bedroom layouts between 779 and 1,560 square feet. Apartments have in-unit washers and dryers, as well as fireplaces in select floorplans.
Amenities feature a fitness center, two swimming pools and a tennis court. Located at 1265 Mt. Vernon Highway, the community is some 16 miles north of downtown Atlanta and adjacent to the Perimeter Pointe shopping mall.
Pacific Urban’s portfolio expansion
The purchase of Mount Vernon Flats at the Perimeter represents Pacific Urban’s entry into the Atlanta market. In prepared remarks, Vice President of Investments Matt Lederer said the firm plans to further expand its footprint in the metro this year. Meanwhile, Viridian is the company’s fourth acquisition in the Denver area, bringing its regional portfolio to 884 units.
Currently, Pacific Urban has more than $8.7 billion in assets under management, with a national portfolio of more than 22,700 units. Earlier this year, the firm paid $82 million for a 223-unit community in San Diego, the transaction involving a $41 million Fannie Mae loan from Berkeley Point Capital.
