Los Angeles Investment Firm PCCP Acquired 76-building Portfolio for $540 Million

PCCP LLC, a Los Angeles-based investment firm with $25.3 billion in assets under management, acquired a portfolio of 76 Bay Area apartment buildings across San Francisco and Oakland from Veritas Investments Inc. and Ivanhoe Cambridge Inc. for approximately $540 million, according to public records. The portfolio consists of 1,770 units and traded for approximately $305,000 per unit. Financing included $430 million of senior debt that was financed by German American Capital Corp.

PCCP was founded in 1998 and handles equity investments, debt financing and advisory services for commercial real estate properties. The company has offices in four cities and more than 140 total employees.

Information for this article was sourced from PCCP.