Los Angeles, CA—Pacific Property Company expanded its presence in Hollywood, CA by acquiring 101-units steps from Hollywood Boulevard. The property, located on Wilcox Avenue, is directly across the street from Pacific's 243-unit Victor Hollywood, acquired by the firm in 2006.

In a joint venture with Capmark Financial, Pacific paid approximately $20.5M for the property. Pacific plans to invest in excess of $600,000 to implement a modest repositioning of the property, which had received the benefit of some renovation efforts by prior ownership. The property has been renamed The Mark Hollywood.

Pacific's Managing Director, Rory Gardner, highlighted the firm's excitement surrounding the transaction, "Pacific is extremely enthused to have acquired a second contemporary asset in the dynamic Hollywood submarket. The Mark Hollywood will provide residents the opportunity to enjoy the world famous urban amenities proximate to the property; including the Arclight Theater, Hollywood & Highland retail complex, and some of Los Angeles' hottest clubs, lounges, and restaurants." Hollywood remains a top tier target market for Pacific, who is aggressively seeking to increase its portfolio of 8,000 West Coast apartment homes.

Constructed in 1987, The Mark Hollywood is located at 1750 Wilcox Avenue, approximately 1 ½ blocks from the intersection of Hollywood and Vine. The property possesses a swimming pool, fitness center, elevators, and secured underground parking.

Ron Harris and Greg Harris of Marcus and Millichap brokered transaction between Pacific and a private San Francisco based investment group.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast, with a focus on California and Washington.

Contact an area acquisitions manager for further information about broker/owner submittals.