Pacific Urban Investors Debuts New Venture with Milpitas Acquisition

Pacific Urban Investors, a multifamily owner‐operator and investment manager, completed its first
acquisition within a newly established discretionary investment vehicle targeting Class A core and core-plus opportunities. The newly acquired community, Ascend—rebranded by Pacific as The Harlowe—consists of 266 units and is located in Milpitas. Seller and pricing in this off-market transaction were not disclosed.

Located at 1821 S. Milpitas Blvd., The Harlowe marks Pacific Urban’s first acquisition in a new venture with a foreign pension advisor that seeks to invest in U.S. 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.

“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,” said Vas Giahos, VP of investments at Pacific. “Ascend reflects our commitment to investing in communities that offer residents a superior living experience.”

 Keith Manson of CBRE represented Pacific Urban Investors. “My team and I are grateful to have helped execute a win-win transaction for both buyer and seller,” said Manson. “Trading below replacement cost, Ascend Apartments will be a great, institutional grade investment for years to come due to its job-centric, Silicon Valley location and potential for near-term rent growth.”