Pacific Gulf Sells Last Multifamily Complex
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Pacific Gulf Properties Inc., which has been liquidating most of its assets, said it has sold its last multifamily apartment property, a 204-unit complex in Diamond Bar, for $10.9 million.
Earlier this month, the Newport Beach real estate investment trust agreed to be acquired by an affiliate of Prudential Insurance Co. of America for $78 million in cash.
At its peak in 1999, Pacific Gulf managed a $900-million portfolio that included about 3,000 family and senior apartment units.
But the company began selling properties last summer. Pacific Gulf said its sagging stock price had made it increasingly difficult to borrow money.
The stock, which traded as high as $27.94 in August, closed Thursday at $5.79, up 5 cents a share, on the New York Stock Exchange.
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