Palo Alto, CA - Pacific Property Company announced today the sale of the 338 unit Carmel Mountain to Silverstone Communities for $69.5 million dollars. Constructed in 1990, the Rancho Bernardo/San Diego property is the second property Pacific has sold to Silverstone in the past eight months. Pacific sold the 262 unit Mountain Ranch to Silverstone in December, 2003. Marc Renard of Cushman Wakefield represented Pacific.

Pacific and GMAC joint ventured to acquire Carmel Mountain, along with its sister property Mountain Ranch in December, 2002. Pacific executed a repositioning strategy including apartment interior upgrades and improvement of some common area facilities. The sale comes on the heels of a busy period for Pacific. According to CEO Al Pace in the last ninety days Pacific has bought, sold and committed to apartment transactions totaling $325,000,000. The firm recently sold two northern California properties, the 100 unit Villas at Harbor Pointe and the 130 unit Crossroads a transaction totaling $30 million. The firm also has buyers committed to two additional Pacific properties totaling $86 million.

On the acquisition front Pacific recently purchased the 120 unit Sedona Village and 40 unit Keystone in West Los Angeles. Additionally, the firm has committed to acquire two more southern California properties totaling nearly 1,000 units in transactions totaling more than $100 million dollars. These acquisitions are scheduled to close in August and September. Pacific has expanded its operations in all of its offices, adding investment personnel and is searching for more quality investment officers. Al Pace notes 'We continue to believe that access to compelling investments is the result of nurturing relationships on a local basis'.

Pacific is a privately held multifamily investment firm. Since its founding in 1998, the firm has closed over fifty multifamily investments totaling 10,000 units and $1 billion dollars. Headquartered in Palo Alto, California, Pacific has regional offices in Los Angeles and Irvine, California. Target markets include California and the state of Washington. Pacific will consider all types of multifamily investments from the most challenging properties to new developments.

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.