California's Pacifica Cos. buys Abbey at Forest Lake

BUYER: Pacifica Forest Lakes LLC, San Diego, Calif.
SELLER: ICS-Village LLC, JFB-Village LLC and JCJ-Village LLC
PROPERTY: 100 Old Village Way, Oldsmar
PRICE: $33 million
PREVIOUS PRICE: $16.4 million, June 2000

PLANS, DESCRIPTION: Pacifica Cos. purchased the 400-unit The Abbey at Forest Lake for $33 million.

The price equated to $82,500 per unit.

Constructed in 1984, The Abbey at Forest Lakes occupies 42 acres with five lakes. The community includes 136 three-bedroom/two-bath, 232 two-bedroom/two-bath and 32 one-bedroom/one-bath units. Amenities include two swimming pools with sundecks, a tennis court, putting green, four laundry centers, a fitness center, car care center and a sand volleyball court. The property is located just off Tampa Road in Oldsmar on the eastern edge of north Pinellas County.

Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, Executive Director Jamie B. May advised the seller Abbey Residential.

“The Abbey at Forest Lakes is a well-maintained, late '80s constructed property situated in a high barrier-to-entry location,” May says in a press release. “The property has tremendous potential to add value through strategic capital investments in unit interiors and also offers the new ownership an opportunity to capitalize on rental rate increases as the apartment market enters a prolonged recovery period.”

Founded in 1978, Pacifica Cos. is a private real estate developer, owner, investor and investment manager. Its holdings include commercial and residential projects throughout the United States, Mexico and India. Its local holdings include the 376-unit Edisto Lake Apartments in Fort Myers and 212-unit Mira Lagos Apartments in Bradenton.

The purchase entity Pacifica Forest Lakes LLC mortgaged the property to U.S. Bank NA for $28.54 million.