Los Angeles, CA - Pacific Property Company increased its growing Southern California portfolio of apartment communities by acquiring 152-units in Northridge, CA. The six year old multifamily investment firm paid $19.4M for the Tara Hill Apartments. Pacific plans to invest in excess of $1.5M to reposition the property, which will undergo a name change and a comprehensive interior and exterior renovation.

Pacific's Acquisition Director, Rory Gardner, detailed the firm's interest in the property, "Tara Hill represents the primary investment characteristics our firm seeks; a highly occupied submarket coupled with property level rental rate upside through improved management and capital investment. This asset was owned by a private investment partnership for over 30 years.

"Moreover, the infrastructure of the property is superior. The Property is 100% two and three bedroom floor plans and is fully amenitized featuring a pool, a clubhouse, lounge and sauna. In addition, there is an abundance of underutilized space, allowing for the installation of a new fitness center."

Constructed in 1970, Tara Hill is located on Lindley Avenue, approximately ½ mile from the California State University at Northridge. Stratus Real Estate will manage the property for Pacific.

GMAC Commercial Mortgage provided a debt and equity package, which included $15 million in acquisition financing and $6,570,000 in equity. GMACCM Senior Vice President Mitchell R. Thurston in the San Francisco loan origination office commented, "We are very pleased to have provided the financing for Tara Hill Apartments. We have a strong relationship with Pacific Property, and were glad to again use our diverse product offerings to meet their needs."

Pacific's President, Alfred Pace, expanded on the firm's continuing Southern California investment efforts, "The Tara Hills transaction is the kind of win-win scenario Pacific can bring to the table. The existing ownership successfully executed a sale in a strong market and avoided the inevitable recapitalization this property will soon require. Likewise, Pacific will apply its repositioning expertise to restore this asset to a competitive market footing. I am pleased to note Pacific has acquired nearly $400,000,000 of Southern California apartment communities over the past two years, solidifying our position as one of the state's leading multifamily investors. As we look forward, Pacific seeks to acquire an additional $300,000,000 of Southern California value add and core assets.

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.