Palo Alto, CA - Pacific Property Company continues to invest aggressively in West Coast multifamily assets; recently acquiring 141 units in Reseda, CA. Pacific acquired the Villa La Paloma Apartments for a contract purchase price in excess of $8 million. The transaction follows on the heels of Pacific's acquisition of 28 units in Burlingame, CA. Pacific anticipates investing an additional $400,000 to rehabilitate the property. The Company's acquisition of Villa La Paloma increases Pacific's portfolio of West Coast apartment communities to 3,468 units.

Pacific's Director of Property Operations, George P. Dobbel will oversee the property's repositioning, "Due to the excellent condition of the property, our capital improvement efforts will be focused on maximizing the property's expansive leasing window and interior unit enhancements. In conjunction with the physical repositioning of the property, a strong marketing program will be implemented to highlight the property's attributes. We are confident that the combination of our value-added strategy and professional management will allow the property to improve its competitive position in one of California's strongest rental sub-markets." Stratus Real Estate will manage the property for Pacific.

Managing Director Phillip Shuster feels the Villa La Paloma acquisition demonstrated the firm's commitment to the Los Angeles County market, particularly the San Fernando Valley. "In two years, Pacific has acquired in excess of 800 units in the area. Our firm remains confident that the solid employment base and lack of new supply will continue to provide apartment investors in this submarket with attractive yields." Shuster credited Jeffery Peldon of ReMax for his efforts in facilitating the transaction. "Jeff identified this asset as one that would benefit from our value-added strategy. We are excited about expanding our relationships in the brokerage community as this is a consistent area of focus for our firm."

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest.