Oakland, Calif. - West Coast multifamily investor Pacific Property Company and its joint venture partner GMAC Commercial Mortgage announced today the sale of Grand Lake Terrace in Oakland's Adams Point district off Lake Merritt to a private family trust. The buyers acquired the six-story, 109-unit apartment community, located at 520 Van Buren Avenue, for $12.25 million. The sale of Grand Lake Terrace represents Pacific's third transaction in Oakland in the past 12 months.

Pacific repositioned the property and raised occupancy to 94 percent, with rents for view units ranging from$1095 to $1995 a month.

Pacific and its lender/partner GMAC bought the apartments in June 2000 and invested $600,000 to improve interior hallways and apartment interiors . Pacific also installed new signage and landscaping throughout the property.

"We sold this property earlier than planned. Notwithstanding the challenges of the current market Pacific achieved an excellent investment return," said Steve Weilbach, Regional Director of Acquisitions in Pacific's Northern California Office. He added that Pacific is actively seeking new acquisitions that are consistent with the company's model of buying apartment communities near work and commute patterns in desirable neighborhoods.

Marcus & Millichap brokers Kevin Turner and David Wolfe represented Pacific in the transaction. The buyers were represented by William E. Brown, an independent broker.

In a separate though related move, Pacific sold a 42-unit Pinole apartment community to a Mill Valley-based investment group for $5.7 million.

Pacific Crest was the first property sold by Pacific Property Company in its Small Property Investment Program (SPIP), which Pacific launched two years ago to focus exclusively on acquiring and repositioning apartment communities of 50 units or fewer.

Mr. Weilbach characterized the Pacific Crest sale as noteworthy for the 25 percent improvement to net operating income in just 18 months since owning the property.

The Northern California dispositions follow five multifamily property sales by Pacific in Los Angeles and Orange Counties in recent weeks. Pacific closes out its March 31 fiscal year end having sold $160,000,000 of California apartment communities. The firm also acquired $140,000,000 during the year.

Pacific was founded five years ago by President and CEO Alfred Pace and opened its Los Angeles office in 1999. The firm recently expanded its commitment to Southern California, opening an Irvine office in August, 2002.

Based in Palo Alto, Pacific Property Company is a privately-owned multifamily investment company which buys and sells apartment communities throughout California and the Pacific Northwest. Since its inception in 1998, Pacific has become one of California's most active investors, acquiring and repositioning more than 6,000 apartment homes totaling in excess of $600 million.