"We bought it to resell it," John Tackard, president of Pacific Property Assets, tells GlobeSt.com about the 3175 N. Price Rd. asset. "We are not condo converters. Our company repositioned properties and we hold them for a long time. We specifically bought that property to resell it because it was such a good deal."
Tackard explains that Pacific Properties, on occasion, will acquire and condo map a complex to add value. Less than 5% of the company's portfolio is condominiums.
GlobeSt.com sources had mischaracterized Pacific Property Assets as a condo converter in an article this week about the Chandler Pointe sale to Portico Properties of San Francisco, which has renamed the asset to Chandler Meadows. "Generally, we buy properties to fix them up and keep them," Tackard says, adding the firm's specialty is the rental market.
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