Irvine, CA—Seven year old Pacific Property Company announced today the acquisition of the 768 unit Grand Resort in Orange County, California. The property was acquired in a direct transaction from the owner. Located along Interstate 5, nestled between the 91 and 22 Freeways, the transaction represents the sale of the largest multi-family property in the city of Anaheim, as well as one of the largest in all of Southern California. Pacific acquired the property on a wholly-owned basis for its own account. Bill Whalen of Wachovia Commercial Mortgage financed the transaction.

According to Pacific's President and CEO Alfred Pace, "Pacific believes that superior valuation can be achieved through aggressive management and a prudent capital improvement program returning the property to its' rightful place of dominance in the marketplace. Through proper execution of our repositioning strategy along with the property's unmatched amenity package, current tight occupancy levels and lack of supply of comparable product, Pacific should be able to improve property characteristics, rent levels and valuation." He went on to say that, "Our in-house construction and asset management group have done an excellent job of assembling a stellar team of on-site property management and construction professionals. Grand Resort will be renamed Madison Park and will undergo an extensive rehab to include remodeled clubhouse, unit interiors, common area amenities and exterior elevations. Pacific intends to complete the rehab over the next thirty months. Alliance Property Management will manage the property on behalf of Pacific.

This purchase of Grand Resort represents the third significant transaction in the last eight months totaling over $200M. In addition to Grand Resort, recent investments include Rancho Valencia, a 245 unit property in Garden Grove currently undergoing renewal and Baywood Villas, a 628 unit property in Corona. Demonstrating further commitment to the Orange County market, Pacific has another apartment transaction in escrow scheduled to close next month.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California, Washington and Oregon. Since its inception in 1998, Pacific has acquired over $1 billion in multifamily assets representing nearly 10,000 apartment homes.