Anaheim, CA—Palo Alto-based Pacific Property Company announced today the purchase of the Casa Serena Apartments in Anaheim, California for $19,500,000. The 142-unit apartment community was acquired from Kapalua Land Investments V, LLC and was brokered by John Walsh of Marcus and Millichap, who represented both the Buyer and the Seller. Casa Serena marks Pacific's second Anaheim transaction to close in recent months alongside with Madison Park, a 768-unit asset located a few miles away. Pacific and Capri Urban Capital partnered to make the acquisition, establishing their first joint venture partnership together.

Built in 1970, Casa Serena is located just south of the Interstate 5 and Highway 91 interchange and consists of 12, wood-framed and stucco, two-story residential buildings with a leasing office, club house, laundry facilities, sport courts and a swimming pool. The property features a balanced unit mix including one-bedroom, two-bedroom and town home apartment units.

At acquisition, a little over half of the units had been partially renovated by the prior owner, but due to the general lack of supply and high occupancy in the submarket, significant additional upside remains that will be captured by Pacific through an aggressive repositioning strategy and management. Expected capital improvements will take place over the next 36 months and will be implemented by Pacific's in-house team of asset managers and construction professionals along with Alliance Residential Company, which will provide day-to-day property management services. Specific improvements will include remodeling the building exteriors and common areas and updating unit interiors.

Founded in 1998, Pacific Property Company is a privately held multifamily investment firm that since inception has purchased over $1 billion of multifamily properties in over 60 individual transactions. Other significant multifamily assets owned by Pacific in Southern California include the 245-unit Waterstone at the Grove in Garden Grove and the 628-unit Baywood Villas in Corona. Pacific will consider the purchase of all types of multifamily investments from the most challenging properties to new developments.