SAN JOSE, CA-Pacific Urban Residential, formerly Pacific Property Co., in partnership with a “strategic investor” has acquired Livorno Square Apartments here. Constructed as a 50-unit for sale luxury condominium complex, the Livorno Square condominiums was completed just as the bottom fell out of the residential market.
Although further details such as acquisition price etc. could not be disclosed to GlobeSt.com at this time, we learn that the owner of the community stopped selling the condos and started renting the units as apartments. Todd Vitzthum, Rawley Nielsen and Simon Herrmann of CBRE represented the transaction.
Livorno Square Apartment Homes is a luxury rental apartment community, located in the Silicon Valley rental market. The property is situated within walking distance of the high end Santana Row shopping center and is proximate to the center of the area’s technology employment base. Property amenities include a resort quality swimming pool, barbecue area, fitness center and subterranean secured parking. Apartment homes feature granite countertops, stainless steel appliances and oversized windows.
“We are delighted to add Livorno Square Apartment Homes to our 7,000 unit portfolio,” explains Pacific CEO Al Pace. “The large units and quality of the product competes well with new properties currently under development. This was a terrific opportunity to acquire a luxury community without taking on all of the cost and market risk of a development deal.”
Pacific Urban’s Mike Greene says the value Pacific created in the transaction “Pacific conducted two negotiations to bring a solution to the Livorno investment. First, we negotiated with the builder to acquire the unsold units. Second, we were able to successfully negotiate with individual condo homeowners to acquire their units, thereby converting a previously challenging, “fractured” project to a traditional multifamily community. The Bay Area remains a primary target for Pacific as we seek to aggressively grow our portfolio.” Pacific closed Livorno Square on an all cash basis.
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