SAN FRANCISCO, CA – May 19, 2011 – (RealEstateRama) — PCCP, LLC has announced that it has partnered with Signature Development Group to acquire Tralee Village, a nearly complete Class A apartment project in Dublin, California. Once complete the high-end, condominium quality apartment community located in the Bay Area will include 130 units. Over the coming months, Signature Development Group out of Oakland, California, will manage various aspects of project completion. PCCP will then transition the property to full-time third party property management in the fall of 2011. Pre-leasing is expected to begin in July with first occupancy for the completed units occurring in August.
“We plan on owning and operating the property unleveraged until it is stabilized,” said Jim Galovan, vice president with PCCP. “Given the quality of the property, its highly desired Dublin location, and the supply constrained apartment market in the Bay Area, it is anticipated that Tralee Village will be fully leased by spring 2012.”
Galovan added that the property is being acquired well below replacement cost and is situated in a submarket with an overall apartment vacancy rate of just 4 percent.
Located at 6601 Dublin Blvd. at the major cross streets of Dublin Blvd. and Dougherty Road, Tralee Village is positioned in a very visible location and is adjacent to two major Bay Area freeways – Interstates 580 and 680. It is also less than one-half mile from BART. The project will offer tenants one of the nicest communities in the Dublin area, as it was originally planned as luxury condominiums. Tralee Village’s on-site amenities include a pool, spa, outdoor recreation area with barbeques and a tot lot, an Internet Cafe and business center, widespread WiFi connectivity, a community lounge, two rentable kitchen areas for events and a large fitness center. The community also includes 30,000 square feet of ground-floor retail that includes various restaurants, a bakery, a yogurt shop, a credit union, dentist and doctors’ offices, a spa and other quality neighborhood retailers.
PCCP worked closely with the seller of the property, Wells Fargo Bank, to acquire Tralee Village. Through continued involvement with the lender and PCCP’s track record of success with workouts on properties similar to Tralee Village, the firm was selected to acquire the property, which garnered a large amount of investor interest.
“PCCP specializes in acquiring assets that have been in some form of distress that are fundamentally sound and well-located, however, are in need of recapitalization,” said Don Kuemmeler, partner with PCCP. “Tralee Village will do well with fresh ownership and we are confident that our operating partner, Signature Development Group, will help us to unlock the future value in this asset.”
About PCCP, LLC:
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.
About Signature Development Group: Signature Development Group is a full-service real estate development company with almost 20 years of land development and building experience in one of the most challenging real estate markets in the country: the San Francisco Bay Area. Signature Development Group has expertise in managing every phase of entitlement, construction and property management. Read more about Signature Development Group at www.signaturedevelopment.com.