(To read more on the multifamily market, click here.)

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LOS ANGELES-Northern California-based buyers Pacific PropertyCo. and Montgomery Partners have acquired two apartment complexesfor an aggregate of $37.5 million in two separate deals, includingthe sale of the landmark Park Wilshire complex. Pacific Propertybought the 102-unit Wilcox Apartments at 1750 N. Wilcox Ave. inHollywood for $20.5 million from Montgomery, and Montgomeryacquired the 170-unit Park Wilshire at 2424 Wilshire Blvd. from theIrvine-based Bascom Group for $17 million.

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Broker Ron Harris of Marcus & Millichap, who was involved inboth of the deals, tells GlobeSt.com that the acquisition of theWilcox property, which is across the street from another PacificProperty complex, gives the Palo Alto-based company "a significantposition in a tight rental market in Hollywood." Harris notes thatthe seller in the Wilcox transaction had completed a significantcapital improvement program over the past two years, renovating alarge percentage of the units.

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Harris represented both the buyer and the seller in the Wilcoxtransaction, and he teamed with Greg Harris to represent bothparties in the Park Wilshire deal. Ron Harris notes thatMontgomery, which has acquired about 2,000 units in SouthernCalifornia since entering the market two years ago, bought the ParkWilshire as an upleg in a 1031 exchange from the sale of the Wilcoxproperty.

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The other Pacific Property Co. asset on Wilcox Avenue, directlyacross the street, is the 243-unit Victor Hollywood, which Pacificacquired in 2006. Pacific's managing director, Rory Gardner, saysthat Hollywood "remains a top tier target market" for the company,which "is aggressively seeking to increase" its portfolio of 8,000West Coast apartment units.

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Pacific Property, which bought the Wilcox Avenue complex in ajoint venture with Capmark Financial, plans to invest in excess of$600,000 to implement what the buyer calls "a modest repositioningof the property." In addition, Pacific has renamed the complex theMark Hollywood.

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Acquiring the second Wilcox Avenue property gives Pacific "asecond contemporary asset in the dynamic Hollywood submarket,"Gardner comments. He points out that the Wilcox Avenue propertiesoffer a location that is close to urban amenities including theArclight Theater, the Hollywood & Highland retail complex, andsome of the most popular clubs, lounges and restaurants in LosAngeles.

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The Wilcox complex acquisition includes the assumption of a$7.2-million loan with Citibank. The apartment complex, built in1987 and not under rent control, includes 33 singles, 45one-bedroom units and the rest two-bedroom units.

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The Park Wilshire is an eight-story concrete building that wasbuilt in 1924, a time when many of the stately apartment complexesalong Wilshire Boulevard were constructed. Seller Bascom hadcompleted a $3-million renovation program at the property over thepast two years.

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The Park Wilshire includes 133 singles, 35 one-bedroom units andtwo penthouses, both of them two-bedroom, two-bath units, withparking at an adjacent lot that the seller has been leasing fromthe L.A. Unified School District. The buyer is exploring thepossibility of building a parking structure on an adjacent lot thatwas included in the sale and is used for parking.

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