Palo Alto, CA - Pacific Property Company is pleased to announce the acquisition of Miramar Heights Apartments, a 33-unit apartment community 17-miles southeast of San Francisco in the community of Castro Valley for a purchase price of $3,675,000. Mark Feldman of Hendricks & Partners brokered the transaction.

Constructed in 1988, the property's three-story buildings are situated on a ridge such that all units have panoramic views of San Francisco Bay. Each unit features a spacious two bedroom/two bath floor plan including a fireplace and large balcony. Pacific plans to reposition the property to better capture market demand. Enhancements will include conversion of tuck-under carports to garages, modernization of interiors and installation of in-unit washers and dryers.

According to Jay Cross, Acquisition Manager and head of Pacific's new Small Property Investment Program, "Castro Valley has proven a desirable residential location because of its strategic location between San Francisco and San Jose and its easy access to freeways and BART. In addition, due to its relatively affordable rent levels, the Castro Valley apartment market has remained strong while more expensive submarkets such as Silicon Valley and San Francisco markets have suffered during the recent downturn."

The transaction marks Pacific's fourth West Coast apartment acquisition during the past 30 days and the second addition to the firm's new Small Property Investment Program (SPIP). The SPIP is aggressively seeking 10 to 50 unit apartment investments in infill locations throughout the San Francisco Bay Area.

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 4,500 apartment homes, establishing itself as one of the region's most active apartment investors.