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Californians hunt for tri-state multifamily

AVA Stamford

West Coast based Pacific Urban Residential has acquired two apartment communities and is under contract on third.

The trio of deals will total $275 million and the firm is actively seeking additional, apartment investments in the New York, Northern New Jersey and Fairfield County Connecticut metro areas.

“We are very pleased with recent acquisitions in our local markets, including value-add and long-term core holding opportunities,” said PUR director Patrick Freydberg, who heads up the NY investment effort, aided by associates Daniel Maccabee and Matthew Lederer.

In May, PUR closed our a 200+ unit investment in New Providence, New Jersey. Last week, the company closed on the 306-unit luxury multifamily building AVA Stamford.

JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. Located at 50 Forest Street, AVA Stamford was built in 2001. it features a mix of one-, two- and three-bedroom unit with in-unit washers and dryers and walk-in closets. The property was 95 percent occupied at closing.

The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman.

“AVA Stamford attracted multiple investors, including both institutional capital and private buyers given the strategic location and potential upside of the asset,” Cruz stated.

PUR established its New York presence in late 2018, expanding its historical West Coast footprint.

Headquartered in the Silicon Valley city of Palo Alto, PUR was co-founded by industry veterans George Marcus and Al Pace. Since founding in 1998, the firm has acquired over 25,000 apartment homes for its’ own account and on behalf of a few strategic partners. Today, PUR owns and asset manages a $4.1 billion portfolio of apartment communities, largely in coastal western states.

Co-Founder and CEO Al Pace notes, “All of our investments and our investment discipline is research based. Some of the submarket dynamics we see in the broader New York metro are similar to those in the major Western city metros. As such, I look forward to rapid growth in our Northeast portfolio and fully expect to see over $2 billion in prospective investments over the next 24 months.”

Today, PUR owns and asset manages a $4.1 billion portfolio of apartment communities, largely in coastal western states.

Co-Founder and CEO Al Pace notes, “All of our investments and our investment discipline is research based. Some of the submarket dynamics we see in the broader New York metro are similar to those in the major Western city metros.

“As such, I look forward to rapid growth in our Northeast portfolio and fully expect to see over $2 billion in prospective investments over the next 24 months.”

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