(Editor’s Note: According to public records, Pacific Urban paid approximately $737.5 million in total for the properties. San Francisco-based Gerson Bakar & Associates was the seller for each property.)
PALO ALTO, CA – Multifamily owner-operator and investment manager Pacific Urban Investors has acquired a nine-property, garden-style portfolio totaling 2,195 units in the Seattle and Portland metros. Three of the communities are located within the Seattle MSA and the other six in the Portland MSA. The acquisition expands Pacific’s Pacific Northwest portfolio to 4,915 units across 23 properties.
The Seattle portfolio assets are all located on the Eastside and consist of The Gates of Redmond in Redmond ($71.3 million), Olde Redmond Place in Redmond ($79 million), and Madison Sammamish in Sammamish ($114.2 million). These assets all benefit from the recent large-scale expansion of technology employers on the Eastside, highly rated assigned public school districts, and access to retail and recreation amenities such as well-kept public parks and walking trails.
The Portland assets consist of Golf Creek in Beaverton ($82.3 million), Meridian at Murrayhill in Beaverton ($90 million), Orenco Gardens in Hillsboro ($96.2 million), The Jones in Hillsboro ($69.5 million), Forest Rim in Tualatin ($95.5 million), and Crystal Creek in Vancouver, WA ($39.5 million). Four of the six assets are located in Washington County and proximate to the State’s largest employers, Nike and Intel, as well as numerous other high paying technology jobs in the ‘Silicon Forest.’
“The acquisition of these assets gives Pacific the opportunity to own low-density, garden-style assets in employment-centric and amenity-rich areas. The vintage assets, built between 1982 and 2013, offer comprehensive amenity sets, abundant green space with an average density of only 16.7 units/acre, and spacious interiors averaging approximately 900 square feet. They have been extremely well cared for with minimal deferred maintenance offering Pacific the opportunity to focus on enhancements to the unit interiors and amenities that will improve the resident experience,” said Zach Williams, Vice President, Investments at Pacific.
John Fluke, Director of Investments noted, “We are excited to expand our footprint in the Seattle and Portland areas in such a significant way with these high-quality apartment communities. The density of these properties combined with their proximity or, in many cases, immediate adjacency, to desirable lifestyle amenities and jobs simply cannot be replicated today.”
About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.3 Billion in assets under management and owns and manages a national portfolio of more than 19,700 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘remanufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.