Palo Alto, CA - Pacific Property Company is pleased to announce the acquisition of 789 El Camino Real, a 28-unit multifamily property consisting of an apartment building and an adjacent duplex, in the community of Burlingame, California (about 15 miles south of San Francisco), for a purchase price of $3,900,000. The acquisition marks the largest apartment property sold in more than five years in the affluent community, where apartment properties change hands infrequently.

Constructed in 1927, the building is among only a handful of apartment buildings in Burlingame built in the early part of the 20th Century. As such, the building features many of the architectural features that typified construction of this era including hardwood floors, nine-foot ceilings, crown molding, ornately paneled doors, glass door knobs, etc. Pacific will rename the property Villa Tuscany and plans to refurbish the building, enhancing its aesthetic charm while increasing the level of modern conveniences, including new controlled access entry systems, upgraded lighting, appliances and fixtures.

According to Jay Cross, Acquisitions Manager in charge of Pacific's Small Property Investment Program (SPIP), "The property is ideally suited for career oriented professionals and renters-by-choice. It is located near San Francisco and is easily accessible to Silicon Valley. It is on the edge of a sunny, quiet neighborhood featuring million dollar homes, near boutique-style shopping and cafes along Burlingame Avenue and is within a few minutes drive of San Francisco International Airport and the new Bay Area Rapid Transit (BART) station, scheduled to open this fall."

Wayne Gomes of Coldwell Banker brokered the transaction.
The transaction is among three California acquisitions Pacific Property Company will close within a two week span and the third addition to the firm's new Small Property Investment Program (SPIP). The SPIP is aggressively seeking 10 to 50 unit apartment investments in infill locations throughout the San Francisco Bay Area.

Pacific Property Company is a privately-held real estate investment company investing in multifamily properties in major metropolitan areas along the Pacific Coast. Since its inception in 1998, Pacific Property Company has acquired over 4,500 apartment homes, establishing itself as one of the region's most active apartment investors.