Palo Alto, CA - Pacific Property Company is pleased to announce the acquisition of Rafaela Garden Apartments, a 42-unit apartment community 20-miles northeast of San Francisco in the City of Pinole, for a purchase price of $4,175,000 or $99,405 per unit. Richard Knudson of Moison Investment Company brokered the transaction.

Located on a hilltop site with views of the San Francisco Bay, Rafaela Garden was designed by architect Sandy & Babcock and completed in 1990. The Property features spacious and contemporary floor plans, fireplaces, large patios, balconies, walk-in closets and abundant parking. Each unit overlooks a lushly landscaped garden-side pool. Pacific plans to reposition the Property to better capture market demand. Planned enhancements include converting tuck-under carports to garages, gating the community, enhancing the pool area and signage, implementing moderate interior upgrades and painting all building exteriors.

According to Jay Cross, Acquisition Manager and head of Pacific's new Small Property Investment Program, "In terms of rents and occupancy, the Pinole area has outperformed most of the Bay Area recently, due largely to its strategic location relative to employment and comparatively affordable rents." Despite dramatic increases in Pinole's market rents during the past year, the area is still viewed as a relative bargain as compared to most other San Francisco Bay Area communities.

In addition, Cross states, "The acquisition marks the first for Pacific's new strategic initiative, the Small Property Investment Program (SPIP). Our second acquisition will close in several weeks." Through its SPIP, Pacific is aggressively seeking smaller apartment communities--between 10 and 50 units--in infill locations throughout the Bay Area, in addition to the firm's well-known appetite for larger properties. Pacific Property Company also announced two additional West Coast acquisitions this week, including the 82-unit Park Place Apartments in Burbank, CA and the 156-unit Panaroma/Canterbury Downs Apartments in Portland, OR.

Pacific Property Company is a privately-held real estate investment company investing in multifamily properties in major metropolitan areas along the Pacific Coast. Since its inception in 1998, Pacific Property Company has acquired over 4,000 apartment homes, establishing itself as one of the region's most active apartment investors.