Seattle, WA—Pacific Property Company continues to increase its growing Seattle portfolio of apartment communities by acquiring 192-units in Newcastle, WA. The $31,250,000 purchase of the Newport Crossing Apartments is the latest acquisition in the Palo Alto, CA based firm's recent flurry of Seattle investment activity.

Pacific Property Company has aggressively targeted Seattle's Eastside apartment market. Since Pacific began purchasing Seattle apartments in early 2005, they have acquired eight local communities; six of which were situated in the Eastside submarkets of Bellevue, Redmond, Sammamish and Newcastle. The Newport Crossing transaction was brokered by David Young of Hendricks & Partners' Institutional Apartment Group. This is the fourth Eastside apartment deal that Pacific has purchased through Hendricks & Partners in recent months. David Young and Kenny Dudunakis also brokered the 266-unit Connemara Apartments which Pacific bought in October 2006. In 2005 Kenny Dudunakis represented Pacific in the purchase of the 334-unit España and 98-unit Aspenwood apartments in Bellevue. Incidentally, Kenny also sold the Aspenwood apartments for Pacific to a condo converter in November 2006. The Seller was Archstone-Smith of Englewood, CO.

Pacific's Acquisition Manager Jesse Mack runs Pacific's Seattle office and spearheaded the acquisition. He commented that, "the Newport Crossing purchase exemplifies our firm's objective to acquire quality apartment assets of size in submarkets that demonstrate superior fundamentals. We are poised to move quickly and assertively to obtain such opportunities." Pacific plans to renovate interiors and common areas and reposition the property as an 'A' product offering.

Hendricks and Partners' David Young emphasized that "competition for institutional quality assets on Seattle's Eastside is fierce. There were dozens of highly interested bidders, but ultimately Pacific Property Company was awarded the deal on its performance record and aggressive deal terms." He added that "Newport Crossing was a win-win situation for both parties. The seller capitalized on the value recently created by record low cap rates while the buyer can look forward to potentially strong rent growth."

Steve Weilbach, the Pacific's Chief Investment Officer, expanded on the firm's continuing Seattle area investment efforts, "I am pleased to note that Pacific has acquired over $175,000,000 of Seattle apartments since 2005 and is committed to the Seattle apartment market for the long term. Last year, we opened a downtown office and have since added several local employees to carry out our ambitious objectives for the region. As we look forward, Pacific seeks to acquire an additional $500,000,000 of Seattle value add and core assets ASAP."

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast.

Contact an area acquisitions manager for further information about broker/owner submittals.