San Diego-based Pacifica Companies, a $3 billion real estate conglomerate, paid $10.5 million on Monday for 130 condominium units in east Orange County, the latest asset in a growing portfolio focus on Florida, an acquisition director with the company told GrowthSpotter.
Located at 8100 Claire Ann Dr., the sale makes up a majority of the 240-unit Villa Valencia Apartments, which lies northeast of Florida Hospital East, and north of the intersection of N. Chickasaw Trail and the 408 East-West Expressway.
Pacifica partners with investors, institutional banks, pension funds and real estate funds for strategic real estate investments, with a portfolio that includes hotels, new development, office and industrial buildings, shopping centers, single tenant housing and senior housing options across the United States, Mexico and India.
In Florida, the company owns mores than 6,000 multi-family units across 10 fractured condo purchases and 13 wholly-owned apartment properties, in addition to 10 senior housing properties (1,000-plus units) and four hotels.
"We are certainly looking for more (in Florida)," said Derek Jensen, acquisitions director with Pacifica. "We've grown quite a large portfolio of multi-family in Florida over the past 10 years and will continue to. We're excited by the state, and like its outlook from the standpoint of rent and demographic growth."
Jensen declined further comment on details of the transaction, citing a non-disclosure agreement. No mortgage was recorded with the sale in Orange County.
It's unknown if the property manager at Villa Valencia will change. The property's website lists Contemporary Management Concepts as the manager, though staff weren't available late Thursday to confirm.
Pacifica's nearest other property is 1.7 miles away, the 220-unit Oasis Club Apartments, which is managed by the owner's own Pacifica S.D. Management. Pacifica bought this property in January 2015 for $12.55 million.
Seller of the Villa Valencia condos was Tagide Properties, Inc., an affiliate of Brickell Bank and managed by three executive board members of the bank.