In a flurry of activity, Pacific Property Company announced today it had recently committed to acquisitions and property sales totaling 2.400 units and $325,000,000. According to Pacific CEO Alfred Pace, the firm "has recently purchased or is non-refundable to acquire four California apartment properties totaling 1,084 units and $140 million dollars. Additionally, last week Pacific sold two northern California properties totaling $29 million dollars and Pacific has buyers committed to acquire three additional properties totaling 1,311 units and $156 million dollars."

In July, Pacific paid $14,000,000 for the 77 unit Sonora Apartments in Glendale. The firm intends reposition the asset. This week the firm closes the 120 unit Sedona Apartments, located in West Los Angeles. Acquired in a joint venture with long-time partner GMAC, the firm is paying $20,200,000 for the property. A quality property in one of Pacific's strongest target markets, Pace expects Sedona will be a strong performer for the firm.

Pacific sees more acquisitions on the horizon. Within the last two weeks Pacific has gone non-refundable on two large southern California properties exceeding $100,000,000 in consideration. The firm will close one property with its own funds while joint venturing the second property with GMAC.

In the last thirty days Pacific also committed to five property sales totaling more than 1,300 apartment homes. In July, the firm sold the 100 unit Villas at Harbor Pointe in Pinole for $13,800,000 to a private investor. William Brown of William Brown Realty represented the seller. Additionally Pacific sold the 130 unit Crossroads apartments for $15,000,000 to a major REIT. John Walsh of Marcus & Millichap represented the seller. Both properties are located in northern California.

Pacific has non-refundable buyers for three of its Southern California properties. The 338 unit Carmel Mountain and the 323 unit Summit at Mission Bay properties, both Pacific Property Company/GMAC joint ventures are under contract for sale. Located in the hot Rancho Bernardo market Carmel is being sold to condo-converter Silverstone Partners. The sale will represent the second condo-conversion sale to this buyer and is scheduled to close in two weeks. Summit at Mission Bay is located in the Claremont area of San Diego and is scheduled to close in November. Additionally, the 420 unit Waterstone at Murietta, a Pacific and GE joint venture, has a committed buyer. Located in the burgeoning Inland Empire, Waterstone represents the first deal of the Pacific/GE relationship. Wachovia provided the debt for the transaction.

"In the last eighteen months, Pacific has transacted over $600,000,000 of acquisitions and sales. This level of investment activity underscores Pacific's consistent, demonstrated ability to source investment opportunities in challenging markets. Our commitment to the development and training of our investment personnel coupled with a strong local sourcing approach continues to provide Pacific, its partners and investors with enticing investment opportunities. The Villas at Harbor Point transaction is just such an example: acquired in 2003 and profitably resold last month in a very challenging northern California market." said Pace. "Consistently, Pacific has demonstrated the ability to identify value and capitalize on it. Summit at Mission Bay and Waterstone at Murietta were acquired in off-market transactions, largely the result of local effort by our investment officer and superior brokerage relationships.

This fiscal year Pacific will achieve several significant performance benchmarks. These will include the investment of $1 billion dollars in acquisition volume totaling over 10,000 apartment homes. Impressively, by the end of this fiscal year Pacific will have completed rehabs and profitably resold properties totaling well in excess of $500,000,000. While proud of these accomplishments everyone at Pacific is committed to the continued future success and growth of the firm. This is a competitive market and everyone on our team knows it. That said, we can say with confidence our track record of performance is second to none. As I look at our people, our track record and the relationships we enjoy with financial partners, brokers and sellers, I know we are well-positioned to continue our growth through expansion of our investment activities and market share."

Pacific is a privately held multifamily investment firm. Since its founding in 1998, the firm has established a track record of success, closing over fifty multifamily investments totaling $1 billion dollars. Pacific enjoys strong partner, broker and seller relationships that have contributed to the firm's success. Headquartered in Palo Alto, California, Pacific has additional 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.