The 104-unit property, formerly known as Rancho PalisadesApartments, has been acquired by Pacific Property Co. The new ownerhas renamed the complex Missions at Back Bay and has alreadystarted renovations, which are valued at more than $1.3 million.The renovation project, which is expected to take between 12 to 18months to complete, will include exterior and interiorimprovements, according to Phillip Shuster, the managing directorof Pacific Property's Southern California operations.

Interior refurbishments have already begun on areas includingbathrooms, kitchens and lighting. Exterior renovations will includechanges to the pool, landscaping and roofs. A fitness center willbe added, Shuster says.

The seller, Rancho Palisades LLC, was represented by Randall Leeof Lily Enterprises. Pacific Property Co. was represented by JohnThomas of Providence Realty Group.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.