LOS ANGELES, Calif. (September 26, 2011)—Southern California-based California Landmark Group (CLG) has added to its growing portfolio of urban-infill residential properties with the recent purchase of Villa Pacific, a 64-unit apartment community in Oceanside, CA.
The $8.19 million purchase price, which represents a per-unit cost of $128,000, was below the lender’s appraised value of the property.
Last September, CLG made its first San Diego area acquisition with the purchase of Serenata Townhomes, an apartment community located in the College Grove neighborhood near San Diego State University.
“We see significant opportunity in the greater San Diego market and are pleased to have closed two acquisitions here in the past year,” said CLG CEO Ken Kahan. “Villa Pacific was an attractive deal due to the low-cost financing that makes this a profitable investment from the get-go.”
Macbeth Apartment Systems provides management services to both properties. The company, based in Carlsbad, manages more than $800 million in assets and received “The Mark of Excellence” Award from the San Diego Apartment Association.