Los Angeles, CA—Pacific Property Company increased its growing West Coast portfolio of apartment communities by acquiring 228-units in Claremont and Pomona, CA in a three asset portfolio transaction from a California based private seller. Pacific acquired the properties in a joint venture with an affiliate of GMAC Commercial Mortgage.

The seven year old multifamily investment firm acquired the 84-unit Claremont Palms Apartments, the 64-unit Spring Hill Apartments and the 80-unit Southridge Apartments in this transaction totaling $36.15M. Pacific plans to invest in excess of $2.5M to reposition the properties by correcting deferred maintenance and implementing comprehensive interior and exterior renovations.

Pacific's Acquisitions Associate, Jesse Mack, detailed the firm's interest in the properties, "Our recent Claremont Portfolio acquisition represents the primary investment characteristics our firm seeks; a highly occupied submarket coupled with property level rental rate upside through improved management and capital investment."

"Moreover, the infrastructure of the properties is an outstanding fit within the community, where median single family home prices exceed $500,000. Each property enjoys large floor plans; with the portfolio being almost entirely comprised of two and three bedroom units. Our asset plan will seek to capitalize on the superior location and layout of the properties: to provide housing to families who value the desirable neighborhoods and superior schools in and around Claremont, but work in the adjacent employment centers of both Los Angeles and San Bernardino Counties."

Claremont Palms is located in the City of Claremont on West San Jose Avenue, proximate to local shopping centers and Interstate 10. Spring Hill is located in Claremont along Indian Hill Boulevard near the Claremont Colleges and Claremont Village. Southridge is in adjacent Pomona near Foothill Boulevard. Each property features a swimming pool, covered parking, detached leasing office, and floor plans that benefit from extensive walk-in closets and storage space. Washer / dryer connections are available in many units.

Lorena Batchelor, with Batchelor Investments of Huntington Beach sourced the transactions. Stratus Real Estate will manage the three properties for Pacific.

Pacific's Managing Director, Rory Gardner, expanded on the firm's continuing West Coast investment efforts, "The Claremont Portfolio transaction is the kind of win-win scenario Pacific can bring to the table. Our recent investment in additional "on the ground" personnel allowed us to respond quickly to a potential Seller who desired a sale in this strong market. Likewise, Pacific will apply its repositioning expertise to improve the competitive market positioning of these properties. I am pleased to note Pacific has acquired over $1Billion of West Coast apartment communities over the past seven years, solidifying our position as one of the area's leading multifamily investors. As we look forward, Pacific seeks to acquire an additional $500,000,000 of West Coast value add and core assets ASAP.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast.