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Pacific Urban Residential names new director, buys third Northeast property
People - OCTOBER 25, 2019

Pacific Urban Residential names new director, buys third Northeast property

by Andrea Zander

Adam Fruitbine has joined Pacific Urban Residential as the director of capital markets.

Fruitbine’s responsibilities will include oversight of the growing portfolio of assets in the eastern United States, further expansion of the firm’s investment footprint to new markets, and identifying new strategic capital options and investment strategies for future growth.

Pacific Urban Residential is a vertically-integrated real estate owner, operator and investment manager.  Co-founded in 1998 by multifamily executives George Marcus and Al Pace, Pacific Urban Residential currently owns 11,000 apartment homes valued at $4.2 billion. The firm is headquartered in Palo Alto, Calif., with offices in Seattle, Los Angeles, New York, and Irvine, Calif.

Recently, Pacific Urban Residential has expanded its Northeast presence with the purchase of The Highlands at Morristown Station, N.J. The company bought the property for $97.9 million from PGIM Real Estate.

Located at 10 Lafayette Ave., the 217-unit multifamily property is across the street from NJ Transit’s Morristown station. The six-story property was constructed in 2010 and also includes 7,500 square feet of ground-floor retail that is currently leased to Cambridge Wines and The Godfather Pizzeria.

The Highlands represents the third multifamily acquisition in the Northeast for Pacific Urban Residential since establishing a Northeast regional office last year.

“This offering represented an opportunity for repositioning of a class A apartment community in one of New Jersey’s most desirable 24/7 markets,” said Cushman & Wakefield’s Brian Whitmer, who represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Gary Gabriel, Adam Spies, Kevin Donner, Kyle Schmidt, Ryan Dowd and Mark Phillips. “The submarket’s affluent demographics and this property’s superior location supports higher-end unit refinishing and modernized amenities.”

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