Sale closes on Pacifica Park Apartments

Price per square foot tops $223

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NAI BT Commercial arranged the sale of Pacifica Park, a 104-unit apartment community in Pacifica, Calif., just south of San Francisco. The value of the transaction was $19.2 million, which equals a price of $184,615 per unit and $223.83 per square foot. An unidentified real estate investment trust purchased the asset from locally based Pacifica Park LLC. The property, built in 1977, is located at 670 Hickey Blvd. It consists of 40 one-bedroom, one-bathroom units and 64 two-bedroom, two-bathroom units. The majority of the units were renovated in 2000 with new appliances, kitchen cabinetry, countertops and bathroom vanities, and the new owner plans significant exterior improvements. NAI BT Commercial is a commercial real estate firm providing services through 14 offices in Northern California....