Monte Vista Apartments

Asset type: Apartment · Location: Turlock , California

The subject property is a Class B, 348-unit multifamily development located at 1525 W. Monte Vista Avenue in Turlock, California. The project consists of 12 residential buildings situated in the Turlock submarket, at the northeast corner of W. Monte Vista Avenue and N. Walnut Road in northwest Turlock. The project is owned and developed by Pacific Companies , a nationally recognized real estate investment and development firm specializing in large-scale multifamily and mixed-use developments. Founded in 1998, Pacific Companies has developed, owned, and managed tens of thousands of residential units across multiple states, with a strong track record in ground-up multifamily construction, public-private partnerships, and complex entitlement environments. The firm is known for its vertically integrated platform, long-term ownership strategy, and execution certainty on large, phased developments. The site has received all required discretionary and ministerial approvals, major off-site and on-site infrastructure improvements have been completed, and the project is currently in active vertical construction. Construction Update as of 1/22/2026 : Construction is actively progressing across the site, with multiple buildings simultaneously advancing through vertical construction. Several structures have reached upper-level framing, with roof decking and exterior sheathing underway. Early interior rough-ins are in progress in select buildings. Additional buildings are in mid-stage wood framing above completed foundations and podium slabs, while remaining pads are fully prepared for continued vertical construction. Site access roads and internal circulation are operational and supporting ongoing construction logistics. Overall, work is advancing in a coordinated, phased manner consistent with the project schedule and anticipated completion timeline. As a ground-up, Class B multifamily development sponsored by an experienced institutional developer, the project is expected to deliver construction-to-stabilization returns typical of new Class B assets in secondary California markets. During the construction and lease-up period, returns are generally modest and primarily back-ended, with the majority of investor value created upon stabilization. Upon reaching stabilized occupancy, projects of this nature typically target: Stabilized cash-on-cash returns in the mid-single-digit to high-single-digit range Levered internal rates of return (IRR) in the low- to mid-teens over a full hold period, depending on capital structure, exit timing, and market conditions Value creation driven by new construction quality, operational efficiencies, and long-term rent growth rather than short-term speculation Given Pacific Companies’ historical approach, the project is expected to be positioned for long-term ownership , with an emphasis on durable cash flow, downside protection through basis discipline, and optionality for refinance or disposition once the asset is fully stabilized.