Pacific Gulf Properties Inc.: The Newport Beach...
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Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust is selling all of its properties in Texas to a private real estate company for $31.1 million. Pacific Gulf said its Texas holdings--about 8% of the company’s total portfolio--consist of 1,085 apartment units in San Antonio, Austin and Houston. The company said it will realize a profit of about $7 million on the sale, which is expected to close by mid-November. The Texas properties are Pacific Gulf’s only holdings outside Southern California, Oregon and Washington.
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