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RANCHO PALOS VERDES, CA-A joint venture of Pacific Property Co.of Palo Alto and GMAC Commercial Mortgage has acquired twoapartment complexes totaling 90 units for $24.2 million, adding toa growing portfolio of L.A. area multifamily assets for the PaloAlto firm. The two complexes are the 57-unit Ocean View and the 33unit Ocean Crest, which sit adjacent to each other at theintersection of Ocean Crest Drive and Hawthorne Boulevard on abluff overlooking the Pacific Ocean.The JV plans $1.5 million inupgrades to the properties, according to Rory Gardner, Pacific'smanaging director. Gardner says the new owners will change thenames of both properties and will complete comprehensive interiorand exterior renovations. Gardner calls the transaction "the rarestof opportunities" to acquire coastal assets in a prime locationwith rent upside potential through renovations and improvedmanagement. The Pacific-GMAC venture acquired the two properties,each of which is a one-building complex, from a Los Angeles-basedprivate investor.Gardner says that in addition to the location andthe potential upside it offers, the buyers were attracted by thelarge floor plans, unobstructed ocean views and features like thefull size washers and dryers in each apartment. The units average1,140 sf.Constructed in 1970 and 1973, Ocean Crest and Ocean Viewwere 99% occupied at the time of the sale. Both properties includeswimming pools, elevators, and covered parking. Pacific wasrepresented by Tony Solomon of ReMax Commercial in West Los Angelesin the deal, with the seller represented by Ron Losch of ColdwellBanker. The new owners have named Stratus Real Estate to manageboth properties.