Pinole, Calif. - West Coast multifamily investor Pacific Property Company announced today the purchase of the 100-unit Seascape Apartments and Townhomes from Hayward Hilltop Investors LP, for $11 million or $110,000 per unit.

The apartment community is located at 560-590 Sunnyview Dr. in Pinole. Pacific moved quickly to acquire the property after a prior buyer decided not to move forward to closing. Pacific issued a contract and closed within ten days.

"In recent months we have had great difficulty identifying compelling transactions in Northern California. While the acquisition of Seascape does not necessarily herald the return of significant regional transaction velocity, it is a testament to our determination and pursuit of deals that make sense. Northern California Managing Director Steve Weilbach and newly promoted Acquisition Manager Aaron Hancock had tracked this property for nearly two years. They demonstrated tenacity and acted quickly to make this deal happen," said Pacific President and CEO Al Pace.

William E. Brown of William H. Brown Realtors was the broker. Mr. Brown and Pacific have completed three East Bay transactions in the last 24 months.

Seascape is comprised of two parcels with 76 apartment and 24 town homes, half of which overlook San Pablo Bay. The apartments are in one and two-bedroom configurations, while the town homes feature two and three bedroom floor plans. Units range from 650 square feet to 1,350 square feet. Current rents are from $950 to $1550 monthly.

Pacific plans some $700,000 in improvements, including new signage, exterior and interior paint and significant alterations to the landscaping. New planters and flower beds are to be added and many of the trees obstructing views of the bay will be thinned out. Scheduled interior improvements include new cabinets, appliances, carpet, vinyl flooring and upgraded lighting fixtures. The property will be rechristened the Villas at Harbor Pointe and The Town Homes at Harbor Pointe.

Two months ago, Pacific sold the 42-unit Pacific Crest apartment community to a Mill Valley-based investment group for $5.7 million or $135,700 per unit. Located in Pinole and situated across the street from Seascape, Pacific Crest is the first property sold by Pacific Property Company from its Small Property Investment Program (SPIP). Pacific launched the SPIP program two years ago to focus exclusively on acquiring and repositioning apartment communities of 50 units or fewer.

Seascape represents the first acquisition for Pacific in its 2004 fiscal year which commenced on April 1, 2003. Additionally, the firm is under contract to acquire three additional properties totaling nearly $70 million. Pacific closed out Fiscal 2003 on March 31 having transacted over $300 million of California apartment investments.

CEO Al Pace notes that "Pacific continues to aggressively seek compelling apartment investments. Our expansion into Irvine/San Diego will be followed by increased activity in Riverside County and in the small property arena. Further, Pacific's recent acquisition of the $80+million institutional quality Carmel Mountain and Mountain Ranch in San Diego provides an entre into the core and core-plus arena. From a start-up just five years ago, Pacific has become a multifamily force on the West Coast. I am very proud of the team we have assembled, our strategic partnerships with GMAC and Wachovia and Union Bank and of our track record of sustained successful performance. We will continue our growth by delivering on our mission of superior performance and investment yields to our shareholders and partners."

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.