PALO ALTO, CA –Pacific Urban Residential (‘PUR’) announces it closed out an active 2016 with investments in multiple West Coast markets, bringing overall transaction activity (i.e., buys and sells) to $1 billion dollars during the year. The multifamily investor currently owns a portfolio of western region multifamily properties totaling 8,290 apartment homes across 53 communities, providing housing for over 15,000 residents from San Diego to Seattle, valued in excess of $3 billion dollars.
‘Notwithstanding emerging challenges surrounding supply, we remain true to our investment strategy of investing in affordability-challenged markets possessing demonstrated, long-term rent growth, job formation, intellectual capital and sustained capital investment appetite’, notes Co-Founder Al Pace.
Inclusive of recent investments in Oregon, Northern California and Southern California, PUR’s buy side transaction activity totaled $693M in closed/ committed investment across 19 communities during the year. Additionally, PUR sold 11 communities totaling $310M, moving overall transaction volume in excess of $1.0 billion in 2016. Investment activity grew in both the value add and separate account business units.
Looking forward, PUR expects to build on 2016 activity, with an additional $1 billion in acquisitions and sales planned during 2017. We will continue our efforts to identify suitable investments for both our separate account long term hold and value add business units. ‘PUR remains enthused about expanding our portfolio in the coming year, believing long term fundamentals remain extremely positive for apartment investment’, concluded Pace.