(To read more on the multifamily market, click here.)

RANCHO PALOS VERDES, CA-A joint venture of Pacific Property Co. of Palo Alto and GMAC Commercial Mortgage has acquired two apartment complexes totaling 90 units for $24.2 million, adding to a growing portfolio of L.A. area multifamily assets for the Palo Alto firm. The two complexes are the 57-unit Ocean View and the 33 unit Ocean Crest, which sit adjacent to each other at the intersection of Ocean Crest Drive and Hawthorne Boulevard on a bluff overlooking the Pacific Ocean.The JV plans $1.5 million in upgrades to the properties, according to Rory Gardner, Pacific’s managing director. Gardner says the new owners will change the names of both properties and will complete comprehensive interior and exterior renovations. Gardner calls the transaction “the rarest of opportunities” to acquire coastal assets in a prime location with rent upside potential through renovations and improved management. The Pacific-GMAC venture acquired the two properties, each of which is a one-building complex, from a Los Angeles-based private investor.Gardner says that in addition to the location and the potential upside it offers, the buyers were attracted by the large floor plans, unobstructed ocean views and features like the full size washers and dryers in each apartment. The units average 1,140 sf.Constructed in 1970 and 1973, Ocean Crest and Ocean View were 99% occupied at the time of the sale. Both properties include swimming pools, elevators, and covered parking. Pacific was represented by Tony Solomon of ReMax Commercial in West Los Angeles in the deal, with the seller represented by Ron Losch of Coldwell Banker. The new owners have named Stratus Real Estate to manage both properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.