Palo Alto, CA - Pacific Property Company announced today that it had acquired the 137-unit Suntree Garden Apartments located in Milpitas, California. The property was acquired for $21.05 million dollars. The transaction was brokered by Scott Edin & Associates of San Leandro, California.

Suntree Garden is located in Northern California in the heart of the Silicon Valley. Undermanaged and capital deficient, the apartment community will benefit from a repositioning program designed to correct deferred maintenance issues and provide cosmetic improvements to the property. The asset's infill location, proximity to freeway access and one of the country's largest employment centers were compelling investment attributes.

Managing Director Steven Weilbach and Pacific CEO Alfred Pace expect that the property will excel, notwithstanding recent technology layoffs and corresponding softness in some Northern California submarkets. "No doubt that in light of recent economic news some will question Pacific's continued interest in the Northern California technology corridor. So be it. Pacific remains very confident that software design, chip manufacturing, systems supply and internet technology will remain one of the most vibrant high growth areas of our economy and a vital component of the nation's business health. While there may be some near term turbulence, we are convinced that consumers will demand improved software, faster processing, faster internet downloads, etc. The Silicon Valley is the US nerve center for development in each of these areas and will continue to address this demand. Financial expertise, capital and human resources will remain close to these growth companies, further contributing to the growth of the region. Given a dearth of developable land, increased demand for housing will continue, placing upward pressure on rents. There are no more than ten other US markets that offer this rare combination of employment growth, land constraints and resistance to new development. Suntree Garden provides Pacific with an opportunity to invest in this market with immediate cash flow and significant upside."

In three years, Pacific Property Company has grown to become one of California's most active multifamily investors. In addition to acquiring over $400,000,000 of apartments, the firm as successfully repositioned and sold five properties totaling 600 units and $75,000,000.

Pacific Property Company is a privately held multifamily investment firm. It has offices in Palo Alto, Los Angeles, San Diego and Seattle. The firm seeks to acquire apartment properties in major metropolitan areas throughout the West Coast.