Reseda, Calif. - Pacific Property Company has sold Villa La Paloma, a 141-unit apartment community in the San Fernando Valley to Millennium Holdings of Los Angeles for $10.6 million.

The disposition closed a banner year for the West Coast multifamily investor, in which it sold $160 million in apartment investments during fiscal year 2002 (ended March 31). During the same period, Pacific acquired some $140 million in multifamily properties. Combined, it was the company's most active year since it was founded five years ago.

"We successfully repositioned a number of assets that were attractive purchases for other investors, while at the same time we were able to acquire a few quality apartment communities that fit our investment profile and offer good upside down the road; all in all, it was a very solid year for us," said Pacific Property Company President and CEO Al Pace.

Pacific's Southern California Managing Director Phill Shuster managed the sale of Villa La Paloma for the Palo Alto-based investor. Jeffery Louks and John Walsh of Marcus & Millichap brokered the transaction.

"There is a huge labor force in the San Fernando Valley, and major employers nearby. When we purchased Villa La Paloma, we felt the market was compressed and rents were artificially low. We were able to improve the physical characteristics of the property and increase the value of the asset while maintaining full occupancy," said Mr. Shuster.

Located at 7722 Reseda Blvd. in Reseda, Villa La Paloma is comprised of four, two-story buildings with a clubhouse, detached office and swimming pool. Acquired by Pacific less than a year ago, the company painted, enhanced the landscaping and upgraded portions of all the interiors. Nearly all 141 apartment homes are studio units, which fit the demographics of the area well, according to Phill Shuster.

Pacific Property Company was founded five years ago by President and CEO Alfred Pace and opened its Los Angeles office in 1999. The firm 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.