Palo Alto, CA—Pacific Property Company closed out the third quarter of 2005 by acquiring two additional Seattle multifamily properties in separate transactions. Coupled with two transactions closed earlier in 2005, Pacific has committed over $50 million in new investments to the Seattle market so far this year.

First, Pacific closed on the 135-unit 2900 On First Apartments in downtown Seattle's Belltown neighborhood. In a joint-venture with long-time equity partner GMAC Commercial Mortgage, the Palo Alto-based investment firm paid $28.25M for the property to its owner, Equity Residential. The 1989 built property is a five-story mid-rise that includes over 14,000 SF of commercial space and caters to the young professional crowd that lives and works in and around downtown Seattle. Pacific plans to complete some minor cosmetic upgrades to the residential portion of the property and to push operations at the retail and parking garage operations that are located on-site. Pacific and Equity Residential were both represented by Jon Hallgrimson and Frank Bosl of CB Richard Ellis' downtown Seattle office, which listed the property.

Two days later, Pacific closed on the 78-unit Willows Ridge Apartments in Redmond, Washington on Seattle's Eastside close to Microsoft's corporate headquarters. Pacific paid $8.6 million to acquire the property from a local private owner and was represented by Ken Mattheis of Seattle-based Maverick Capital Corp. Pacific plans to renovate both the interior and exterior of the property and position the asset to compete with other high-end properties in the Redmond area.

Both 2900 On First and Willow's Ridge will be managed by Seattle-based Pinnacle Realty Management.

Pacific's Chief Investment Officer, Steven Weilbach, detailed Pacific's interest in the properties, "Seattle is at the front-end of a market-wide recovery and both properties are well positioned to benefit. 2900 On First is an appealing mixed-use property located in the heart of one of downtown Seattle's most dynamic and desired urban neighborhoods. Likewise, Willows Ridge is a newer vintage garden-style community located in one of Seattle's most desirable suburban communities. Both properties are located close to burgeoning centers of employment growth and also offer residents easy access to the quality of life amenities that Seattle is famous for. Over the long term, the area surrounding both assets is expected to produce strong population and job growth that will support additional appreciation for each investment".

Pacific has been one of Seattle's most active apartment buyers to date in 2005 and is aggressively pursing additional assets for acquisition. To support the growing effort, Pacific opened a Seattle acquisition office in downtown Seattle staffed by veteran Pacific investment officer Jesse Mack, who relocated from Pacific's Southern California region. Company-wide Pacific plans to acquire over $400 million of multifamily assets in 2005 throughout California and the Pacific Northwest.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California, Washington and Oregon. Since its inception in 1998, Pacific has acquired over $1.2 billion in multifamily assets representing well over 10,000 apartment homes.