Encinitas, Calif. - Pacific Property Company Company celebrated the arrival of summer by acquiring the Quail Point Apartments for approximately $15 million. The 120-unit property, located in the North San Diego County community of Encinitas, CA, is 1.5 miles from the Pacific Ocean.

Pacific's Irvine office Acquisitions Manager Rory Gardner orchestrated the property purchase. The multifamily property investor has budgeted in excess of $1.8 million to rehabilitate the property. Pacific's Regional Asset Manager, Dan Lukes, will oversee the property's capital improvement program.

"Due to the property's excellent leasing window on busy Encinitas Boulevard, our exterior capital improvement efforts will be focused on enhancing the curb appeal through new landscaping, improved signage, and paint. In conjunction with the physical repositioning of the property, a strong marketing program will be implemented to highlight the property's attributes. In addition, we intend to introduce select unit upgrades, including new appliances, flooring, and lighting. We are confident that the combination of our value-added strategy and aggressive management will allow this property to improve its competitive position in one of San Diego's strongest rental sub-markets," said Mr. Gardner.

Pacific is attracted to the property by its strong location; characterized by the lack of new development in the area, proximity to employment and recreational facilities, and escalating single family home prices in the area. Quail Point is an ideal fit for Pacific's growing portfolio of value-added apartment communities, according to Mr. Gardner.

"The property has an outstanding location and possesses the primary investment characteristics our firm seeks; a highly occupied submarket coupled with rental rate upside through improved management and capital investment. San Diego will continue to be an area targeted for investment; housing remains in short supply and despite a national employment slowdown, the area continues to demonstrate compelling investment characteristics. We are committed to substantially increasing our San Diego holdings through additional acquisitions," said Mr. Gardner.

Quail Point is located at 924 Encinitas Boulevard, Encinitas, CA 92024.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast, with a focus on California.