Palo Alto, CA - Pacific Property Company announced it has sold Riata at Canoga, a 170-unit apartment complex located in Canoga Park, California. The selling price was $12,050,000 or $70,882 per unit. The transaction closed on October 10, 2001.

Constructed in 1972, Riata at Canoga was acquired by Pacific on October 1, 1999. The property features many common area amenities, including a pool, spa, fitness center, and sauna. Pacific invested in excess of $1,100,000 to correct deferred maintenance items and implement property upgrades. This capital improvement program included stucco repairs and exterior paint, a new entry, a new office and fitness center, and comprehensive interior unit enhancements. Pinnacle Realty Management Company directed the repositioning effort for Pacific.

Pacific's Southern California Managing Director, Phillip Shuster articulated how the Riata disposition represents the firm's investment strategy. "The Riata disposition marks the final phase of our investment strategy; harvesting value created through professional management and capital improvements. Initially, our firm targeted Riata for acquisition due to the property's strong in-fill location and investment potential. During Pacific's ownership, our firm was able to capitalize on these attributes, resulting in improving rent levels by 40%. Going forward, we feel the San Fernando Valley's diverse employment base and lack of new development will contribute to compelling investment opportunities within the region. The Valley will remain a market that our firm targets for investment."

Dean Zander of Hendricks & Partners listed and sold the property for Pacific.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest.