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

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.

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.