Pacific Urban Investors Acquires Prime Silicon Valley Property in New Strategic Partnership

Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed its first acquisition within a newly established discretionary investment vehicle strategically targeting Class A Core and Core Plus opportunities. The newly acquired community, Ascend—rebranded by Pacific as The Harlowe—consists of 266 units located in the City of Milpitas in the heart of Silicon Valley. The Harlowe marks Pacific Urban’s first acquisition in a new venture with a foreign pension advisor that seeks to invest in Class A communities in US gateway markets. As a continuation of Pacific’s strong conviction in the Bay Area with 29 multifamily assets and 5,500 units in the region currently, Silicon Valley was a primary target for the venture’s first transaction.

“We are excited to start our new investment vehicle with the acquisition of Ascend, which is a high-quality LEED Gold Certified mid-rise community built in 2021 with a best-in-class amenity set and top of market unit interior finishes. Ascend reflects our commitment to investing in communities that offer residents a superior living experience” said Vas Giahos, Vice President of Investments at Pacific Urban Investors.

Ascend is located in Milpitas and just 2 miles from San Jose’s “Golden Triangle”, the largest employment center in Silicon Valley, which is home to over 1,500 technology companies, 140,000 employees, and 30M square feet of office space. The property is located across Capitol Avenue from the Milpitas Transit Center, which services the VTA light rail and BART. Additionally, Ascend is a 10-minute walk to the Great Mall with 1.4M square feet of retail and over 200 stores and restaurants.

“Pacific’s acquisition of Ascend fits squarely within our investment thesis focused on quality communities in desirable locations with proximity to significant employment and lifestyle amenities. Our team will seek to continue enhancing our residents’ experience through exceptional management and thoughtful design” said John Fluke, Managing Director of Investments at Pacific Urban Investors. “Pacific is actively seeking to grow our portfolio across all strategies (Value Add, Core Plus, Core) in our target markets throughout the U.S.”

About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 23,000 units. The firm and its partners have decades of experience in apartment investments including Core, Vintage Core, and Value Add strategies. Pacific has become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.