Pacific Urban Residential has acquired the 138-unit Skyline Terrace Apartments in California for $108m (€99.3m), according to people familiar with the matter.

The property, first developed in 1967, located in Burlingame, a southern suburb of San Francisco was sold by Institutional Property Advisors on behalf of Equity Residential.

According to public records, Equity Residential paid $52.5m to buy the property in October 2010.

IPE Real Assets understands that Pacific Urban agreed the deal prior to the COVID-19 pandemic.

Both Pacific Urban and the listing agent declined a request for comment.

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