By Jeffrey Steele, Contributing Writer
Carlsbard, Calif.—Pacific Urban Residential has acquired the 24-unit Villas La Costa apartment community in Carlsbad, Calif., from San Diego-based Oram Properties. The property was built in 1987 and is adjacent to La Costa Resort and Spa. Marcus & Millichap’s Christopher Zorbas brokered the transaction.
The acquisition of Villas La Costa represents a continuation of PUR’s expansion into the urban “under 75-unit” small apartment community footprint.
The property is the second Southern California acquisition in the past three months for the Palo Alto, Calif.-based company. In addition, PUR has purchased several small apartment communities in the San Francisco Bay area.
In the next two months, PUR will close $250 million in new investments in San Diego, Orange County, Los Angeles, Northern California and Seattle, among which is the Villas La Costa apartment community.
“We remain very enthused about San Diego investment fundamentals,” says Al Pace, Pacific Urban Residential founder and CEO. “In conjunction with our imminent acquisitions in California and Washington, PUR and our strategic partners are well positioned to strategically invest in multifamily niches during 2014. From an investment perspective, Villas La Costa is an exciting value-add investment with significant upside and returns.”
Adds PUR investment associate Grant Geisen: “Villas La Costa will provide our residents with high quality residential living in a superior community, while offering an attractive rent value proposition to newer construction in the area.”
Since its founding 16 years ago, PUR has acquired nearly $3 billion in multifamily assets. It and its strategic institutional partners have acquired or sold approximately $600 million in West Coast apartment communities in the past two years. The company’s West Coast multifamily portfolio consists of more than 6,000 apartment homes and $1.5 billion.