Pacific Gulf Properties Completes Sale

Pacific Gulf Properties Inc. said Monday it has completed the sale of its four Texas properties to Capitol Investment Associates Corp. of Chevy Chase, Md., for $31.1 million.

Pacific Gulf, a real estate investment trust, said the purchase price includes $30.1 million in cash and a $1-million note. The company plans to use proceeds to acquire two new properties in the Pacific Northwest.

The Newport Beach company said the four properties, consisting of 1,085 apartment units in San Antonio, Austin and Houston, represent all its holdings in Texas.