The just-bought properties are the 466-unit Sunset Canyon at 2170 Thousand Oaks Dr., 244-unit Kenton Apartments at 14650 Nacogdoches Rd. and 232-unit Peppermill at 2125 Universal City Blvd. "These particular properties were the next step in upgrading our portfolio," Richard Sorrentino, PPA's executive director, tells GlobeSt.com. "We were typically buying class C assets so this balances our portfolio." He adds Metra United's fourth complex, the 140-unit Cimarron at 1950 Universal City Blvd., was considered, but it "didn't fit our investment criteria."

Upgrades will begin immediately and will include exterior painting and some interior renovation. Sorrentino says upgrades should be completed by first quarter 2009.

The three complexes are about 25 years old. The 92%-occupied mix consists of one-, two- and three-bedroom units from 705 sf to 1,061 sf. Rents range from $627 to $831 per month.

Sorrentino says PPA has added a property management arm due to its portfolio growth. In addition, Dave Carter recently was hired as vice president of investment management and business development to help streamline acquisitions.

"Our plans are to close properties similar to that being offered by Metra and other property types in the next three or four months," Sorrentino says. Also, PPA is planning to launch a value-add fund in the near future.

Metra United is a joint venture between the Alon Group of Israel and a Boca Raton, FL-based partner. The company put the last of its Texas multifamily property holdings on the market about one year ago for $57.3 million. Cushman & Wakefield of Texas Inc. represented Metra United in the transaction while PPA had its in-house team handling its side of the talks.