"We bought it to resell it," John Tackard, president of PacificProperty Assets, tells GlobeSt.com about the 3175 N. Price Rd.asset. "We are not condo converters. Our company repositionedproperties and we hold them for a long time. We specifically boughtthat property to resell it because it was such a good deal."
Tackard explains that Pacific Properties, on occasion, willacquire and condo map a complex to add value. Less than 5% of thecompany's portfolio is condominiums.
GlobeSt.com sources had mischaracterized Pacific Property Assetsas a condo converter in an article this week about the Chandler Pointesale to Portico Properties of San Francisco, which hasrenamed the asset to Chandler Meadows. "Generally, we buyproperties to fix them up and keep them," Tackard says, adding thefirm's specialty is the rental market.
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