Los Angeles, CA—Pacific Property Company increased its growing Southern California portfolio of apartment communities by acquiring 90-units in Rancho Palos Verdes, CA. The properties consist of the 57-unit Ocean View and the 33 unit Ocean Crest, adjacent assets situated on a coastal bluff overlooking the Pacific Ocean.

In a joint venture with an affiliate of GMAC Commercial Mortgage, Pacific paid approximately $24.2M for the two properties. Pacific plans to invest in excess of $1,500,000 to reposition the properties, which will both undergo name changes and comprehensive interior and exterior renovations.

Pacific's Managing Director, Rory Gardner, highlighted the firm's interest in the properties, "The Rancho Palos Verdes transaction provided Pacific with the rarest of opportunities: to acquire a coastal asset in a primary market location with property level rent upside through improved management and capital investment. Moreover, these properties offer superior floor plans, featuring full size washers and dryers in each apartment home and extremely large units, averaging 1,140 square feet. In addition, the majority of the units offer unobstructed ocean views."

Constructed in 1970 and 1973, Ocean Crest and Ocean View are located at the intersection of Ocean Crest Drive and Hawthorne Boulevard, approximately 1 1/2 miles from the Pacific Ocean. Both assets possess swimming pools, elevators, and covered parking. Stratus Real Estate will manage both properties for Pacific.

Tony Solomon of ReMax Commercial in West Los Angeles, CA office brokered the transaction on Pacific's behalf. The Ocean Crest and Ocean View transaction is the second deal Solomon has brokered for Pacific. In late 2004, Solomon sold Pacific the Stocker Apartments in Glendale, CA.

The Rancho Palos Verdes acquisition caps off a torrid summer for Pacific, in which the firm grew its portfolio to 5,000 units. In addition, the seven year old firm exceeded the $1,000,000,000 level in total investments. During the summer months alone, Pacific acquired nine assets for total consideration in excess of $125,000,000. In addition, the firm recently committed to acquire a coastal asset in San Diego and a core asset in Seattle. Both properties are scheduled to close in late September.

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 and Washington.