Pacific Property Company announced today the purchase of the 628 unit Baywood Villas in Southern California's booming Inland Empire. Located in Corona, one of the first major housing and employment nodes outside of Orange County and located along the major commute corridors of the 91 Freeway and Interstate 15, the property was purchased on a direct basis from the owner, Astani Enterprises of Beverly Hills, California. Pacific paid $65.2M., which equates to $103,821 per unit or $135 per foot for a fully amenitized community that was completed in 1990.

According to Pacific's Irvine based Acquisition Manager Aaron Pacillio, "This investment illustrates how aggressive Pacific Property Company can be for truly compelling investment opportunities. It also highlights the fact that we have the ability to perform under extremely expedited time frames when warranted, which in this case enabled us to purchase the property at a discount to the market. Additionally, there is immediate upside in rents available through aggressive management, based on an analysis of the comparable communities. The owner of the property was aware of our capabilities and I believe that's why he thought Pacific first." Pacific's Irvine office has also gone non-refundable to acquire a large Orange County asset, which it will close on within the next month.

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.