Palo Alto, CA — Pacific Property Company left no doubt that it intends to enter the new millennium in a big way. Only six days into the New Year, Pacific acquired an additional 184 apartment homes in Buena Park, Orange County, California. The Company's acquisition of the Brook Park West Apartments pushes Pacific's portfolio of California apartment communities over the $150mm mark.

Brook Park closed on January 6th. The property was 96% occupied at closing. Southern California Regional Portfolio Manager Jaci Harmon notes that the property will be renamed and undergo correction of deferred maintenance conditions and significant improvements. "Our market research strongly suggests that the property is currently under-achieving potential rent levels. This submarket features strong occupancies and rising rents. Moreover, no new supply is currently planned for the market nor are there sites to accommodate new development. We are confident that, coupled with our improvement efforts, Brook Park West will become the preferred residential property in the submarket." Charles Dunne will manage the property for Pacific.

Regional Director Phil Shuster observes that Brook Park features low density, mature landscaping, a fabulous poolside environment and a poorly configured, underutilized clubhouse/leasing presence. "In short order, we will capitalize on the property's strengths and remedy its weaknesses, including reconfiguration of the leasing presence. Acquired for $68,000 per unit the purchase price is 45% below replacement cost."

Karoline Sauls and Marjorie Malloy of Sperry Van Ness arranged this transaction between Pacific Property Company and Granite Investment Group.

Pacific Property Company is a privately held multifamily investment company seeking to acquire attractive apartment investment opportunities.