Palo Alto, CA - Pacific Property Company continues to invest aggressively in West Coast multifamily assets; recently acquiring 104 units in Costa Mesa, CA. Pacific acquired the Rancho Palisades Apartments for a contract purchase price in excess of $9.9 million. Pacific anticipates investing an additional $1.3 million to rehabilitate the property, to be renamed Missions at Back Bay. The Company's acquisition of the Rancho Palisades Apartments increases Pacific's portfolio of West Coast apartment communities to 4,036 units.

Southern California Portfolio Manager Rick Marquis will direct the property's capital improvement program. "Due to the excellent condition of the property, our capital improvement efforts will be focused on enhancing the existing architectural features and layout of the property. 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 fully participate in one of Southern California's strongest rental sub-markets." Pinnacle Realty will manage the property for Pacific.

Managing Director Phillip Shuster feels the property's prime location and ambience made it a superior investment opportunity for Pacific. "The property is characterized by a charming Spanish motif, with the potential to significantly improve the existing landscaping and curb appeal. Located within close proximity to the Newport Back Bay, residents will find easy access to Orange County beaches and employment centers. The Missions at Back Bay investment demonstrates our firm's strategy, focusing on strong in-fill locations with value-added potential."

John Thomas of Providence Realty Group represented Pacific Property Company in the transaction. Randall Lee of Lily Enterprises represented the Seller, Rancho Palisades LLC.

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