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ENCINITAS, CA-In a move to increase its San Diego holdings, Palo Alto-based Pacific Property Co. has acquired a 120-unit apartment complex in Encinitas.

The privately owned multifamily investor has shelled out $15 million for the asset, known as Quail Point Apartments. Company officials say they plan to rehab the property, having already set aside more than $1.8 million for the project. The renovation will entail exterior improvements, such as new landscaping, paint and signage, as well as unit upgrades like new appliances, flooring and lighting, says Pacific’s acquisitions manager Rory Gardner. “We are confident that the combination of our value-added strategy and aggressive management will allow this property to improve its competitive position in one of San Diego’s strongest rental sub-markets,” he adds.

Located just 1.5 miles from the Pacific Ocean, Quail Point Apartments stands at 924 Encinitas Blvd. Pacific was particularly attracted to the asset’s location, Gardner says, explaining that the property is in close proximity to employment and recreational facilities. In addition, the area is currently experiencing a lack of new development and escalating single-family home prices.

“The property has an outstanding location and possesses the primary investment characteristics our firm seeks; a highly occupied submarket coupled with rental rate upside through improved management and capital investment,” Gardner notes. He says that the firm is looking to “substantially increase” its San Diego holdings, as the region demonstrates “compelling investment characteristics.”

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