The Rosewood Apartments, at 10760 Rose Ave., represent the company's first foray into West Los Angeles. Pacific acquired the complex from a local partnership for $9.8 million. Karoline Sauls of Hendricks & Partners brokered the transaction. The purchase increases Pacific's Southern California portfolio to 1,722 units.
Phill Shuster, Southern California managing director for the company, says Pacific has an additional $90 million of properties under contract for sale in addition to considering several new investment opportunities. Shuster says Pacific believes in the underlying fundamentals of the Southern California apartment market and expects the national economy to continue its slow recovery.
In a deal previously reported on GlobeSt.com, Pacific sold the 242-unit Slate Creek apartments in La Habra to Decron Management for $25.5 million in a transaction brokered by John Walsh of Marcus and Millichap.
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