The Garden Grove submarket enjoys strong investmentfundamentals, with no new units soon to be completed in the city,Pacillo notes, and it also benefits from high Orange County housingprices that "have soared out of reach for most renters," he says.The Rancho Valencia complex was constructed in phases beginning in1967 and will be managed by Alliance Residential. The transactionrepresents one of more than a dozen joint-venture partnerships,totaling more than $500 million, between Pacific Property and GMACCommercial Mortgage.The purchase of Rancho Valencia marks thesecond significant acquisition by Pacific's Irvine Office in recentweeks. In August, Pacillio closed Baywood Villas, a 628-unitproperty in Corona that it bought on a direct basis from AstaniEnterprises of Beverly Hills for $62.5 million.
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