Multifamily owner-operator and investment manager Pacific Urban Investors (”Pacific”) announced today that it is continuing to expand its East Coast investment footprint to now include the Boston Metro market. Pacific’s Director of Capital Markets, Adam Fruitbine, will oversee the Boston expansion efforts.
Pacific’s current East Coast effort, jointly led by Patrick Freydberg and Adam Fruitbine, has focused on New Jersey, New York, and Connecticut. Freydberg successfully led Pacific to acquire three properties in these markets over the past 12 months totaling $275 million.
Alfred Pace, Pacific’s Co-Founder and CEO, on expanding the firm’s growth plans, “Notwithstanding current challenges, we remain true to our investment strategy of investing in job rich markets possessing demonstrated, long-term rent growth, household formation, intellectual capital and sustained investor appetite. Across all U.S. markets, we have discretionary equity available to acquire $2 billion of new investments and look forward to participating in the Boston market.”
Adam Fruitbine, “The Boston Metro contains some of the most desirable investment submarkets in the country. We are excited to bring our institutional capital relationships, and, longstanding track record in the vintage asset space to the region for both value-add repositioning and long-term core ownership. We are currently engaged on prospective investments and anticipate closings before year end.” In addition to Boston, Pacific is assessing additional East Coast expansion markets, noted Fruitbine “We are also in the process of evaluating additional major East Coast markets as part of our larger strategic expansion plan.”
Pacific Urban Investors is one of the most active multifamily investors in the US. The firm has proven adept at identifying and deploying multifamily strategies, including pioneering institutional investment into the vintage multifamily space. Founded in 1998 PUR is exclusively focused on multifamily strategies, investing significant PUI partner capital alongside institutional strategic partners. Today, PUR owns and manages 11,000 apartment homes valued at $4.5 billion. Since 1998, the firm has acquired more than $7B in multifamily communities. The firm is headquartered in Palo Alto, with offices in Los Angeles, Irvine, Seattle, and Manhattan.