Bay Area Firm Buys Rentals
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With the recent acquistions of the 226-unit Village Apartments in Santa Ana and the 120-unit Beachwood Apartments in Huntington Beach, Prometheus Development Co. has boosted its total of acquisitions so far this year to 1,200 units valued at more than $61 million.
Since establishing its syndication division in 1983, the Cupertino, Calif.-based firm has purchased more than 4,000 apartment units valued at about $200 million, according to John M. Nelson, the firm’s vice president of acquisitions.
“We look for multifamily properties with 80 units or more, with market values of at least $4 million,” he added, commenting on the firm’s recent acquisitions in San Diego, Orange, Los Angeles, San Bernardino and Ventura counties.
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