Photo via Google Maps.
Just over two years ago, the Pacific Courts Apartments—the mixed-use development which replaced the dilapidated AMC Theatre complex in DTLB—were re-opened after years of extensive work to renovate the 211-unit housing complex by adding 69 lofts. Before that, the apartments were built in 1992 as a way to attract residents into a downtown that was largely losing its sparkle.
Now, Greystar Real Estate Partners—the nation’s largest apartment operator, currently overseeing some 420,000 units—has acquired the building at 245 Pine Ave. for $84M.
That cost was “at a discount due to both replacement cost and recent transactions in the area. We believe our proactive capital improvement strategy, which includes implementing institutional management, interior renovations and improving revenue and expenses, will allow us to deliver a desirable asset that capitalizes on the property’s incredible location,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform.
Despite having just been renovated, Greystar is planning an extensive renovation to every unit, with the first phase focusing on replacing the existing plumbing while installing plank flooring, new hard-surface counter surfaces and backsplashes, and paint.
The complex will be renamed Avana on Pine. Rent prices are not publicly listed; I am awaiting quotes.