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CLAREMONT, CA-Pacific Property Co. of Palo Alto and an affiliate of GMAC Institutional Advisors have acquired a 228-unit portfolio of apartments here and in Pomona in a $36.15 million deal that marks the second recent L.A.-area purchase by Pacific. The portfolio, which the buyers acquired from a private investor, includes the Claremont Palms, Spring Hill Garden, and Southridge Apartments.GMAC Commercial Mortgage Corp. provided Pacific Property with a debt package totaling approximately $29.4 million, including interim and floating-rate financing, according to Robert Fabiszewski, EVP at GMAC Institutional Advisors. Pacific plans to spend more than $2.5 million to reposition the properties by correcting deferred maintenance and renovating the properties inside and out, according to Jesse Mack, acquisitions associate at Pacific.Fabiszewski says GMAC Institutional Investors plans to warehouse the asset for a future value-added real estate portfolio. He called the portfolio “a great opportunity to purchase a well located property in a supply constrained Los Angeles County submarket with a repositioning plan in mind.”The financing was arranged by SVP Mitchell Thurston and VP Andrew Ahlers, of the San Francisco office GMAC Commercial Mortgage. They arranged the transaction through GMAC Institutional Advisors and GMAC Commercial’s Proprietary Lending Group.The portfolio includes 84 units at Claremont Palms, 64 units at Spring Hill Apartments and 80 units at Southridge Apartments. All three properties feature units of two, three and four bedrooms that average 1,040 sf. Claremont Palms is at 750 W. San Jose Ave. in Claremont and was built in 1964. Spring Hill Garden, at 410 S. Indian Hill Blvd. in Claremont, was built in 1973. Southridge, at 150 Drake St. in Pomona, was built in 1986.Mack notes that median single-family home prices exceed $500,000 in the submarket, where Pacific Property sees a chance to capitalize on the location and layout of the properties because the large units are ideal for family housing.The acquisition of the portfolio follows another Pacific Property deal in the L.A. area that was reported on GlobeSt.com this week. In that deal, a joint venture of Pacific Property and GMAC Commercial Mortgage acquired two apartment complexes in Ranch Palos Verdes totaling 90 units for $24.2 million.

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