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Pacific Gulf Acquires New Senior Properties

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(Dow Jones)

Pacific Gulf Properties Inc. acquired a portfolio of two senior citizen complexes with 551 units in Escondido for $25 million.

The acquisition of the Terrace Gardens and Morning View Terrace bolsters the company’s growing segment of senior communities, the real estate investment trust said Monday. Since October 1994, the Company’s senior portfolio has grown from one property with 140 units to six properties containing a total of 999 units. A 166-unit project, The Fountains, also is under construction in Rancho Santa Margarita.

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