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Pacific Property Company announced today the purchase of the Newport Glen apartments in Costa Mesa, California. The 136-unit property was acquired in a direct transaction with the owner for $31.6 million. Newport Glen marks Pacific's continued growth in Southern California and, in particular, Orange County. The transaction brings Pacific's new investment in Orange County in the last 2 years to over $150 million.
Newport Glen was built in 1993 and is located along Newport Boulevard in Costa Mesa, approximately 1 mile northeast of Newport Beach. The property consists of a mix of 1 bedroom, 2 bedroom and 3 bedroom units. Amenities include 2-car tandem garages, a pool, spa and laundry facilities.
Pacific targeted Newport Glen for investment due to the positive market fundamentals in Costa Mesa, which include very high barriers to entry for new construction, market occupancy of 97%, and continued solid market rent growth.
Pacific is planning a full re-positioning of Newport Glen, which will include re-branding, new paint colors and signage, a renovated leasing center and resident lounge, the addition of a fitness center and a full unit interior upgrade package that will include new appliances, counter tops, cabinets, flooring, plumbing fixtures and light fixtures. Pacific has already begun the re-branding effort by changing the name of the property to Madison Newport.
Pacific's Acquisition Manager for Orange County, Aaron Hancock, spearheaded the acquisition. Hancock commented that "Newport Glen provided Pacific the extremely rare opportunity to acquire a very high quality asset in a coastal Orange County location with an outstanding upside opportunity. Large properties west of the 405 Freeway in Orange County very rarely transact so we are extremely excited about the investment." Hancock also commented that "the Costa Mesa market continues to be one of the healthiest in Southern California. High occupancy and a lack of new supply should lead to superior performance in the sub-market. Newport Glen provides Pacific the opportunity to continue our focused investment strategy of acquiring high quality multi-family assets in supply-constrained sub-markets with strong employment growth."
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.
For further regional contact information and broker/owner submittals, contact:
Los Angeles County/Ventura County:
Steve Weilbach
Managing Director
650/842-2324
Orange County/San Diego County/Inland Empire:
Aaron Hancock
Acquisitions Manager
949/757-0428
Northern California:
Eric Schrumpf
Acquisitions Manager
650/842-2328
Pacific Northwest:
Jesse Mack
Acquisitions Manager
206/357-8444
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