RIVERSIDE, CA-Pacific Property Co. and GE Real Estate have continued their expansion into the Inland Empire with the acquisition of the 304-unit Glenbrook Apartments for $39.9 million. GE Real Estate's North America Equity Investments Group was Pacific's partner in the acquisition.
Pacific was represented by acquisitions manager Aaron Hancock in the company's Irvine office, along with Curtis Palmer, Herb Chase, Peter Sherman and Alex Quintana of Transwestern Commercial Services. The Transwestern team brokered the transaction on behalf of both the buyer and the seller, Morgan Stanley.
Pacific is planning what it calls a modest re-positioning of the property that will have a budget of $2.5 million. It plans to enhanced unit interiors, install appliances like refrigerators and washers and dryers, and upgrade amenities such as the clubhouse, fitness center and pools.
The new owners have renamed the property Waterstone Magnolia. According to Hancock, the property was well maintained by the previous owner but the targeted improvements "should result in superior property performance."
The transaction, Pacific's third acquisition in the Inland Empire, was structured in GE Real Estate's San Francisco office by Pacific Property Co.'s relationship manager, Karen Stager. The deal is the second Pacific joint venture with GE Real Estate's North America Equity Investments group in the Inland Empire, following the 420-unit Waterstone at Murrieta.
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