The PCS Story

projects through the years Première at City Place Beverly Première Première of Thousand Oaks Première Hills

Through its successful history and current activities, PCS Development has earned a reputation as a contrarian and visionary in the real estate development industry. By understanding the timing and cycles of the real estate market, PCSD has defined itself by knowing when to take advantage of opportunities and recognizing macro trends within various segments of the industry.

PCSD began the acquisition of earthquake-damaged multi-family assets in 1994, at a time when the California economy was still viewed negatively. Its timing proved fortuitous with a turn-around in the real estate sector in 1996. Then in 1998, prior to conventional wisdom, PCSD moved into vertical build-out and ground-up/new construction projects. The market value appreciation of multi-family assets started its upward trend and exceeded replacement costs, paving the way for a successful transition into this new phase. A significant portion of PCSD's early value creation was achieved by recognizing the need for high-end luxury apartments in a marketplace that traditionally viewed apartments in a limited and utilitarian sense.

In 2000, by being one of the first in Southern California to design and build mixed-use projects, PCSD added to its visionary reputation with the build-out of a large infill project in Long Beach, California known as "City Place."

Then, in 2004, the company cemented its reputation for market timing when it began to sell a significant portion of its apartment portfolio to Archstone REIT. Concurrent with the selling of its multi-family assets, PCSD phased out of ground-up construction with its last project being completed in 2004. This decision to halt new development saved PCSD from the run-up in construction costs and down-turn in asset prices that soon began plaguing many developers. By aggressively completing the sell off of all multi-family assets by the end of 2007, PCSD stood in a positive cash position, avoiding the negative market impact affecting other development companies.

Still committed to leveraging market timing and the belief that even in a down market, there is opportunity, PCS Development aggressively deployed equity into the distressed residential market, including the purchase of 300 single family homes, over 150 estate homesites in the Park City resort area and acquiring assets in Oakland California.

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