PLEASANTON — A big apartment complex in Pleasanton has been bought by a Bay Area real estate firm with wide-ranging expertise in the multifamily residential market.
The Kensington, a 100-unit apartment property located near the interchange of Interstate 680 and Bernal Road in Pleasanton, has been bought for $35.5 million, according to documents filed on Dec. 22 with the Alameda County Recorder’s Office.
Palo Alto-based Pacific Urban Investors, acting through an affiliate, bought The Kensington apartments at 1552 E Gate Way, the county real estate records show.
The deal suggests that veteran real estate firms still hunger for apartment properties despite widening economic difficulties in the Bay Area.
The transaction, though, also hints at some softness in the apartment sector in the East Bay. The purchase price was about 0.8% below The Kensington’s assessed value of $35.8 million
Pacific Urban Investments also obtained a loan of $24.9 million from Berkeley Point Capital at the time of the purchase, the county records show.
Atlanta-based General Investment & Development sold the apartment complex to Pacific Urban Investors.
The just-bought apartment complex was built in 2002 and features a fitness center, spa, pool, playground, game room and grill.
The residential complex is a short distance from downtown Pleasanton and a freeway interchange from the big office and job hubs at Hacienda Business Park.
Pacific Urban Investors, the new owner of The Kensington, has wide-ranging expertise in the apartment sector. Al Pace, a veteran of the multifamily residential industry, and George Marcus, a legendary Bay Area real estate executive, founded Pacific Urban in 1998.
“Pacific Urban Investors is a leading multifamily owner, investor, and operator,” the company states on its website. The company focuses on investments in urban centers on the West Coast and East Coast, seeks transactions in the range of $40 million to $150 million, and aims to buy apartments sized at 75 to 200 units.