Palo Alto, CA — Pacific Property Company, Northern California's third largest multifamily investment firm, has committed to acquire its fifth property for the year. Pacific announced it is non-refundable and has agreed to acquire the 137-unit Suntree Garden Apartments located in Milpitas, California. The $22,000,000 transaction is scheduled to close in May. The transaction follows on the heels of Pacific's recent acquisition of 168 units in Sherman Oaks, the California Valley Country Club and two properties in Pasadena totaling 126 units. Further, Pacific has committed to acquire Rancho Palisades, 109 units located in Costa Mesa, California and the 82-unit Park Place Apartments in Burbank. Scot Edin of Scott Edin & Associates of San Leandro, California brokered the Suntree Garden transaction.

Located in central Milpitas, Suntree Garden is proximate to the Interstate 680, a major north-south east bay commute corridor. The property is currently 100% occupied. Pacific is attracted to the property by its tremendous location relative to San Francisco Bay Area employers and fundamental land and development constraints. According to Steven Weilbach, Pacific's Northern California Regional Director, "The list of employers within a three-mile radius of the property reads like a "Who's, Who" list of top Silicon Valley companies. New supply is very limited. Even with the tempering of the tech boom, housing remains in short supply and new development sites are virtually non-existent."

Suntree Garden will undergo a $2,000,000 renovation and upgrade program, including correction of existing deficiencies, interior and common area improvements. The property will be managed by Ventana Property Services, which currently manages several other properties for Pacific in Northern California.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest. Pacific's latest acquisition increases its portfolio of West Coast apartment communities to over 4,000 units with a cost basis exceeding $350 million.