Palo Alto, CA - Pacific Property Company marked the beginning of summer by acquiring one and committing to acquire two other California apartment communities. In three separate transactions, the firm will close a total of 288 units with total consideration of approximately $25 million.

The 84-unit Crescent Court Apartments is located in Oakland, CA and closed in June. Two additional properties, the 153-unit Bella Vista Apartments and the 42-unit Tropicana Gardens Apartments are located in Southern California in Monterey Park and South Pasadena, respectively, and are scheduled for late summer closings. This set of transactions will increase Pacific's portfolio to over 3,800 units with a cost basis in excess of $400 million.

According to Steven Weilbach, Pacific's Northern California Managing Director, the Oakland transaction was one of a very small handful of doable deals in the market. "Despite the overall sluggishness of the Northern California rental market for the past 12-18 months, the Crescent Court transaction was attractive based on its close-in location and long term growth potential. Moreover, the property was originally built to condominium-quality specifications and offers a number of physical attributes that are unique in the marketplace."

Phillip Shuster, Pacific's Southern California Managing Director, feels both Southern California transactions possessed key attributes the firm seeks when sourcing investment opportunities. "Both Monterey Park and South Pasadena provide residents with easy access to the employment nodes of Downtown Los Angeles and the Tri-Cities. Additionally, both these assets are characterized by capital deficiencies, providing the opportunity for increased asset performance through targeted capital improvements."

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