Pacific Gulf Properties Inc.: The Newport Beach...

Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust has acquired a 304-unit apartment building in Kent, Wash., for $13.3 million.

Pacific Gulf bought the Hampton Bay apartment development, built in 1987, from Sentinel Realty of New York and plans to replace the management team and make about $300,000 in improvements.

With this acquisition, Pacific Gulf Properties will own 3,154 apartments in Southern California, the Pacific Northwest and Texas.

After completing its initial public offering earlier this year, Pacific Gulf bought the apartment and industrial properties of Santa Anita Realty Enterprises Inc., another REIT, which currently owns 3.5% of the company’s outstanding common stock.