San Diego, CA — Pacific Property Company has acquired the 450-unit Cascade Falls apartment complex in Carlsbad, CA for $77,752,000 ($172,782/Unit, $217.23/SF). The deal was sourced by Will Roos, Pacific's San Diego acquisitions officer. Sean Deasy of CB Richard Ellis represented the Buyer and Seller, Universe Holdings Development Company. The Property was purchased as a Joint Venture between Pacific Property Company and GMAC.

Cascade Falls was built in 1985 on approximately 29 acres in the coastal City of Carlsbad in North San Diego County. Pacific intends to spend significant capital to correct deferred maintenance as well as renovate unit interiors and construct a new clubhouse and leasing center. Interiors will feature crown moldings, refinished ceilings and cabinetry as well as new counters, flooring, paint and fixtures. After repositioning, Cascade Falls will be one of Carlsbad's premier apartment communities.

According to Roos, "The investment opportunity exists in Pacific's ability to stabilize the asset, maximize rents and subsequent value through a continued physical repositioning and an aggressive management strategy". He went on to say that, "Pacific's recent success of executing repositioning strategies of this magnitude, made Cascade Falls a complementary acquisition to our growing portfolio."

Pacific acquired the 768-unit Grand Resort in 2005 and the 628-unit Baywood Apartment Villas in 2004, both properties underwent significant repositioning by Pacific's internal Construction Management team.

This transaction marks Pacific Property Company's second acquisition in San Diego in the last 12 months. Pacific bought the 72-Unit Ocean Breeze Village in November 2005. In the last 12 months, Pacific has acquired or committed to acquire nearly $600 million of West Coast multifamily assets.

Alliance Residential will takeover management responsibilities for the property.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast. For further information and broker/owner submittals, please visit our contact page.