CARSLBAD, CA-For the past several years, private investors have been leading the local charge for buying multifamily property. However, institutional investors have now stepped up to the plate and are beginning to drive many of the major deals.Most recently, a joint venture of GMAC Institutional Advisors and Pacific Property Co. acquired Cascade Falls Apartments for $77.7 million. GMAC Commercial Mortgage Corp. provided $64.3 million in acquisition financing. An affiliate of GMAC Institutional Advisors provided roughly $22.3 million in equity.Built in 1985, and sitting on 29 acres, the property consists of 33 two- and three-story buildings with a total of 450 units. Amenities include two pools, four spas and a fitness center.GMACCM SVP Mitchell R. Thurston and vice president Andrew J. Ahlers, of the San Francisco loan origination office, arranged the deal and Pacific Property Co. received the funding."This repeat borrower and joint venture partner required an aggressive debt structure that would accommodate the property's relatively low cash flow during the renovation and re-positioning," Thurston says, adding that the structure of the deal also allows "future advances for capital expenditures."The acquisition is not the first joint venture between the firms. "Pacific and GMAC have purchased several hundred million dollars worth of apartments in the last few years," says Will Roos, acquisitions officer for Pacific Property Co. The deal was sourced by Roos, while Sean Deasy of CB Richard Ellis represented the buyer and seller.Roos says the firm is actively seeking additional property in the area, and that San Diego is among Pacific Property Co.'s "top target markets." He adds that the slowing condo conversion market benefits apartment investors looking for higher-end product.Another institutional deal to hit the market recently is Equity Residential's acquisition of the Missions at Sunbow, a 336-unit local apartment community. Equity Residential picked up the luxury property for an undisclosed amount.