The new investment company is called Urban Residential Partners. It is technically a joint venture of New Pacific Holdings, a recently formed firm created by former Apollo exec David Margulies and merchant banker Bond Capital.
Century City-based Bond Capital specializes in acquiring and renovating apartment buildings. Margulies, who worked as a West Coast "point man" during his stint for NY-based Apollo, played a key role in the development and acquisition of several major projects in Southern California.
Margulies helped to launch Apollo's widely praised Sunset Millennium hotel and retail project in West Hollywood, as well as the 195,000-sf Arboretum Gateway office complex in Santa Monica. He also helped to conceive the Bridgeworks Hilton hotel and retail development in San Diego's Gaslamp District.
Bond Capital claims to have secured more than $3 billion in project financing and acquisitions since it was formed in 1987. The market for Southern California apartment properties has never been better, many analysts say, as vacancies hover in the low single-digits and owners boost rents because new construction can't keep up with demand.
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