Palo Alto, CA—Pacific Property Company has continued its aggressive re-entry into the Northern California market with the acquisition of the 136-unit Townsquare apartment community in Millbrae, CA.

Pacific paid $25.0M for the Property and plans to inject a modest amount of additional capital to execute a cosmetic renovation of the Property which will also undergo a name change. The Seller was a Sacramento-based private partnership and the deal was not broadly exposed to the market.

Pacific's Acquisitions Associate, Eric Schrumpf, highlighted the firm's interest in the Property, "Through the acquisition of Townsquare, we have added an extremely well located asset to our growing local portfolio in one of the most supply constrained submarkets in the Bay Area. Although well maintained and operated by its previous owners, we believe that through a modest cosmetic repositioning of the Property and more aggressive management we can realize a meaningful rent lift in short order and position the Property to benefit from the on-going Northern California apartment market recovery.market recovery which should continue to bring pricing power to back to aggressive operators like Pacific."

Constructed in 1971, Townsquare is the largest apartment community in Millbrae and is adjacent to the recently constructed Millbrae City Hall and Library. The Property is roughly two blocks from downtown Millbrae and the Millbrae Square shopping center, which includes a number of major national retailers including Trader Joes, Safeway, Starbucks and Jamba Juice. The new Millbrae CalTrain and BART station is also less than one mile from the Property. The Property features a swimming pool, central clubhouse and leasing center, and covered parking. Pinnacle will manage the Property for Pacific.

The acquisition of Townsquare comes on the heels of the Palo Alto- based Pacific's December acquisition of the 198-unit French Village and Normandy Square communities in Belmont, CA. During the past 12 months, Pacific has invested nearly $100 million in new Northern California apartment acquisitions.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast, with a focus on California and Washington.