Los Angeles, CA - Palo Alto-based Pacific Property Company announced today it has acquired two Southern California apartment communities, totaling $67 million. Combined, the Boulevard Apartments in Sherman Oaks and Moorpark Apartments in Moorpark comprise 411 apartment homes.

The firm acquired the 109-unit Boulevard Apartments for $18 million. The investment fits with Pacific's value-ad investment strategy of owning apartment communities without investment partners. However, a portion of Pacific's investments are joint ventures.

According to Pacific Asset Manager Dan Lukes, "the Boulevard Apartments had fallen into a state of mild disrepair and thus the previous owners had been unable to optimize its income potential. We believe our improvements and the addition of new management will reinvigorate this very well-located community." Constructed in 1990, the property is scheduled to undergo refurbishment. Existing and prospective residents can look forward to significant improvements in general housekeeping, hallways and corridors as well as contemporary improvements in fitness facilities.

Additionally, Pacific made a significant foray into expanding its Core+ Investment Program by acquiring the 312-unit Moorpark Apartments for $49 million. Constructed two years ago, the property features resort-like features including large units, a large swimming pool area, state-of-the-art fitness center and contemporary- designed clubhouse.

According to Managing Director Steve Weilbach, 'the Core+ program expands Pacific's multifamily investment strategy, leveraging Pacific's institutional and entrepreneurial skill set. We fully expect to expand the program, prudently investing in select communities on behalf of our shareholders and institutional equity partners. Moorpark Apartments is located in a supply-constrained market with strong economic and demographic characteristics and is indicative of investments made by Pacific through its Core+ program." The property was financed by Freddie Mac and equity was provided by Pacific and GMAC.

Pacific continues to expand its investments throughout the West Coast. Featuring offices in Palo Alto, Los Angeles, Irvine, Pacific has acquired nearly $700 million of West Coast apartment communities. Additionally, the firm has successfully repositioned and sold nearly $350 million of apartment investments on behalf of its shareholders and institutional partners. Privately held, Pacific continues to be among the most active buyers of California apartment communities.

Pacific Property Company is a five-year-old privately held multifamily investment company based in Palo Alto. The firm has acquired more than 6,000 units totaling $700 million throughout the West Coast. For further information, please contact Ms. Rene Bilodeau at 650-842-2215 or rbilodeau@pacificpropertyco.com or call Pacific's Los Angeles office: 310-443-8680