Big East Bay apartment complex lands buyer in $30 million-plus deal – Silicon Valley

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PLEASANTON — A 100-unit apartment complex in Pleasanton has been sold to a Bay Area real estate company with wide-ranging expertise in the multifamily residential market.

The Kensington, located near the Interstate 680 and Bernal Road interchange, was purchased for $35.5 million, according to documents filed with the Alameda County Recorder’s Office on Dec. 22. It features a fitness center, spa, pool, playground and game room.

Palo Alto-based Pacific Urban Investors, acting through an affiliate, bought complex built in 2002 at 1552 E Gate Way, the county real estate records show.

The deal suggests that veteran real estate companies 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 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, 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. The company said it 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.

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