The Paskin Group was featured in a Pacific Coast Business Times article released today, highlighting our construction project on 530 Chapala Street in downtown Santa Barbara. Along with this project, we have exciting news on the acquisitions front.
The Paskin Group (TPG), a Santa Barbara-based real estate investment and management company, closes the acquisition of Valencia Apartments, surpassing $100M in acquisitions in the past 3 years.
Founded in 2006 by President & CEO Michael Paskin, TPG’s latest addition joins a portfolio of multifamily, retail, industrial, and office investments totaling over 1,500,000 square feet.
TPG, which opened their second office in Texas earlier in 2016, has been actively acquiring assets that fit their value-add investment strategy.
Valencia Apartments is a 167-unit apartment complex located in Plano, Texas, a submarket of Dallas which is known nationally for its economic growth story. TPG’s in-house management company intends to renovate each apartment unit as well as common area amenities like the community’s clubhouse and pool area. Valencia will join TPG’s 7 other apartment communities in the Dallas/Fort Worth area.
TPG leverages over 50+ years of combined real estate experience and is unbound by asset type or location as indicated by their portfolio holdings which include commercial and multifamily assets spread throughout California, Colorado, Nevada, and Texas.
Locally, TPG is developing over 19,000 square feet in two adjoining buildings in downtown Santa Barbara, working with firms such as Allen Construction, DMHA architecture, and Montecito Bank & Trust. In a previous life, these buildings were a gas station and iron works facilities. TPG completed remediated the environmental impact and the design has given the buildings new life. This renovation of neglected buildings which are approximately 80 and 100 years old into brand new class A office space will improve the landscape and feel of the Chapala corridor.
The Pacific Coast Business times article featuring Michael Paskin can be found HERE.