Palo Alto, CA - Pacific Property Company, Northern California's third largest multifamily investment firm, has committed to acquire its sixth property for the year and first ever outside the state of California. Pacific announced it has agreed to acquire the 156-unit Panorama West Apartments located in Tigard, Oregon. The $6,150,000 transaction is scheduled to close at the end of July. The transaction follows on the heels of Pacific's recent acquisition of 168 units in Sherman Oaks, the California Valley Country Club and two properties in Pasadena totaling 126 units. Further, Pacific has committed to acquire Rancho Palisades, 109 units located in Costa Mesa, California and the 82-unit Park Place Apartments in Burbank and the 137-unit Suntree Garden Apartments located in Milpitas, California. Gail Neuburg of Tilbury, Ferguson & Neuburg represented Pacific Property and Cody Hagerman of Hagerman Frick O'Brien represented the seller on the Panorama West transaction.

Pacific is attracted to the property by its strong location relative to Portland area employers and fundamental land and development constraints. Pacific Northwest Regional Director, Matthew Campbell, comments that Panorama West is an ideal fit for Pacific's growing portfolio of value-added apartment communities. "The property has an excellent location and is an ideal initial acquisition for Pacific Property Company. Planned improvements include upgrading the existing interior and exterior of this particular building to attract residents to what is already a very desirable neighborhood. Panorama is situated adjacent to new communities, including Arbor Heights Apartments and Timberline Apartments. New supply is very limited. Even with the tempering of the tech boom, housing remains in short supply and new development sites are virtually non-existent."

Panorama West will undergo a $1,000,000 renovation and upgrade program, including correction of existing deficiencies, interior and common area improvements. The property will be managed by HSC Real Estate, Inc.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest. Pacific's latest acquisition increases its portfolio of West Coast apartment communities to over 4,000 units with a cost basis exceeding $350 million.