The Garden Grove submarket enjoys strong investment fundamentals, with no new units soon to be completed in the city, Pacillo notes, and it also benefits from high Orange County housing prices that "have soared out of reach for most renters," he says. The Rancho Valencia complex was constructed in phases beginning in 1967 and will be managed by Alliance Residential. The transaction represents one of more than a dozen joint-venture partnerships, totaling more than $500 million, between Pacific Property and GMAC Commercial Mortgage.The purchase of Rancho Valencia marks the second significant acquisition by Pacific's Irvine Office in recent weeks. In August, Pacillio closed Baywood Villas, a 628-unit property in Corona that it bought on a direct basis from Astani Enterprises of Beverly Hills for $62.5 million.
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