WEST COVINA, CA-Pacific Property Co. and SSR Realty Advisors have acquired 278 apartment units here in two transactions totaling nearly $37 million, buying both of the complexes from the same Orange County-based private investment partnership that had owned them since the mid-1980s. The properties, acquired in a joint venture formed by Pacific and SSR, include the 140-unit Sunset Crest Apartments and the 138-unit Pacific Isle Apartments. The buyers paid $18.8 million for the Sunset Crest and nearly $18.2 million for the Pacific Isle, with plans to invest in excess of $2.1 million to reposition the properties, which will both undergo name changes along with interior and exterior renovations. Managing director Rory Gardner of Pacific Property says the firm acquired the West Covina acquisitions because they meet the primary investment criteria for the company of a highly occupied submarket coupled with property level rental rate upside through improved management and capital investment. The complexes are situated in a community where single-family home prices approach $400,000. Both Sunset Crest and Pacific Isle feature large floor plans with a majority of two- and three-bedroom units and are locations that are convenient to employment centers of downtown Los Angeles, Ontario, City of Industry, and North Orange County, Gardner notes. The Sunset Crest was built in 1964. It features two pools, laundry facilities, air conditioning, and covered parking. Pacific Isle is located on Workman Avenue and features three swimming pools, a large recreation room, and floor plans that benefit from extensive walk-in closets and storage space. Alliance Residential Company will manage both properties for Pacific. The two purchases are Pacific’s first joint venture with SSR Realty Advisors, notes Pacific CEO Alfred Pace, who left SSR in 1998 to form Palo Alto-based Pacific, which has acquired nearly $400 M Southern California apartment complexes over the past two years and expects to buy an additional $300 million of Southern California assets. The two recent West Covina transactions were brokered by Alex Mogharebi of the Ontario office of Marcus and Millichap.

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