Pacific Gulf Plans Senior Community
Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said Tuesday that it has purchased 5.24 net acres in Laguna Niguel to create a rental community for active seniors.
The company said in a news release that it paid Shea Homes $3.9 million for the property.
Pacific Gulf plans to start building two- and three-story apartment buildings during the last three months of this year and expects to complete construction in the fall of 2001.
The community will be aimed at active seniors, 55 years and older, and will feature centrally located recreation and other facilities.
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