MILPITAS, CA-Pacific Cos. of San Diego has paid $41.7 million for a 200-unit garden-style apartment community here that it will convert to condominiums. The purchase price translates to $206,000 per unit and $258 per sf.

Indian Hills was built in the late 1970s on 10.24 acres at 450 Dempsey Rd. The property offers one-, two- and three-bedroom units. The average unit size is 800 sf. The property was sold with an approved and recorded final conversion map.

The seller was Helf Investments of San Diego. Curtis Gardner and John McCulloch of Arroyo & Coates in San Francisco represented both parties. Neither party was available Monday afternoon for comment.

Pacifica Cos. has been hungrily acquiring Western US apartment properties in recent years. A company executive tells it acquired about 19 multifamily assets, of which eight were in Northern Calfornia. Another five were in Southern Calfornia, three were in the Seattle area and two were in Nevada.

Pacifica’s acquisitions director Andy Pollin was unavailable for comment. Last year, regarding the Seattle acquisitions, he told that the company’s plan was to accumulate about 2,000 units in the Puget Sound region, mostly due to confidence about future job growth in the region.

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