Greystar Buys $84M CA Property
The firm acquired Pacific Court Apartments, a transit-oriented and value-add property in downtown Long Beach. The buyer plans to upgrade the interior as well as the communal area amenities.
Greystar Real Estate Partners LLC has purchased Pacific Court Apartments, a 211-unit, transit-oriented community in Long Beach, Calif. Meruelo Enterprises traded the property for $84.2 million, according to Yardi Matrix.
Pacific Court is located at 250 Pacific Ave., in the heart of Long Beach, alongside Pacific & Broadway bus station and within three minutes of the Downtown Long Beach metro stop. The property is within 1.2 miles of Alamitos Beach and is surrounded by many lifestyle amenities, such as restaurants and shopping centers.
Built in 1992, Pacific Court comprises a mix of one- and two-bedroom units and one-bedroom lofts, averaging 798 square feet. The buyer plans to update the units with the addition of hard surface counters, extended plank flooring, backsplashes, new cabinet doors, under-mount sinks, new plumbing hardware and fresh paint. Additional plans include upgraded community amenities. Communal area amenities currently include:
- 35,000-square-foot retail space
- 400 subterranean parking garages
- fitness center
- dog wash
- business center
- poker room
“We were able to purchase this property at a discount to both replacement cost and recent transactions in the area. We believe our proactive capital improvement strategy, which includes implementing institutional management, interior renovations and improving revenue and expenses, will allow us to deliver a desirable asset that capitalizes on the property’s incredible location,” said Kevin Kaberna, executive director & leader of Greystar, in prepared remarks.
Image courtesy of Yardi Matrix