Palo Alto, CA - Only two years after acquiring it, Pacific Property Company announced it has sold the Summit at Skyline, a 98-unit apartment complex located in Pacifica (San Mateo County), California. The selling price was $17,750,000 or $181,122 per unit. The transaction closed on May 1, 2001.

Constructed in 1976, The Summit at Skyline (formerly Oceanhill Apartments) was acquired by Pacific two years ago. The property shares a clubhouse and common area facilities with an adjacent property. Pacific performed a moderate rehab on the Summit that included a new leasing presence, common area upgrades, signage and interior improvements. Additionally, Pacific replaced the existing management with Pinnacle Property Management to assist in the repositioning effort.

"We are pleased with this sale in that it continues to affirm Pacific's investment strategy and success in identifying compelling investments in highly constrained markets. During Pacific's ownership, our team corrected managerial deficiencies, addressed property deficiencies and aggressively tested market rents, achieving a 64% improvement in rental levels over a two-year period. While the Bay Area market is experiencing some retrenchment from the hyperactivity of the past twenty-four months, this transaction demonstrates that astute investors will continue to place their bets in the region. Few other locations in the country offer the rare combination of job growth and lack of land that metropolitan areas of California offers to investors", noted CEO Al Pace. Pacific owns and operates nearly 4000 units in California including two properties within the immediate Pacifica submarket. These include the 260 units Land's End Apartments and the 256 unit Skyline Heights. Both properties were acquired within the last twenty-four months.

Pacific Property Company was represented by Bruce Herrmann, Colin Mackenzie and Eduardo Cerna of Marcus and Millichap. The Buyer was procured by Eduardo Cerna.

Pacific Property Company is a privately held, Palo Alto-based multifamily investment firm. The firm is among the most active multifamily investors in the state of California. The company acquires value apartment communities for its own account.