Pacific Gulf Sells Apartment Complex

Pacific Gulf Properties Inc., continuing to shed its non-core assets, sold a 196-unit apartment complex in Santa Ana for $11 million, the company said Tuesday.

The Park Place Apartments were sold, at a $3-million net profit, to 300 West 2nd LLC, a California-based limited partnership. Those funds will be used to acquire more industrial buildings, which the Newport Beach-based company has identified as its core business, along with senior housing.

Last fall, Pacific Gulf sold five apartment communities in Washington state. The company still owns 10 properties, containing 1,631 units, in Southern California and hopes to sell them by year’s end.