Joint venture lands 1,900-plus apartments

Units spread across 4 Sun Belt states

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Pacific Coast Capital Partners, a full-service real estate investment firm and lender, recently formed a joint venture with San Francisco-based Jackson Square Properties for the acquisition of the Maple Leaf portfolio, a 1,918-unit apartment portfolio consisting of nine garden-style communities located in Arizona, Texas, Georgia and Tennessee. The total value of the transactions was not disclosed. Eight of the properties were sold by a private partnership and the Tempe, Ariz., apartment community was purchased from a joint venture between Carlsbad, Calif.-based Crowne Pacific and Boston-based AEW Capital Management. According to Jennifer Diaz, vice president of Pacific Coast Capital Partners, the business plan for the majority of the properties is to complete an exterior facelift to the properties, address deferred maintenance, implement new marketing programs, and implement a resident utility billback program. "The portfolio offers solid, in-place cash flow through the execution o...