Palo Alto, CA - Pacific Property Company announced today it has sold Brookstone, a 184-unit apartment complex located in Buena Park, California. The selling price was $17,000,000 or $92,391 per unit. The transaction closed on October 27, 2001.

Constructed in 1977, Brookstone, formerly known as "Brook Park West", was acquired by Pacific in January 2000. Property attributes include an attractive garden-style layout, expansive curb appeal, and many common area amenities; including a pool, spa, clubhouse and fitness center. Pacific invested in excess of $1,100,000 to correct deferred maintenance items and implement property upgrades. This capital improvement program included extensive wood replacement, exterior painting, landscaping, and select interior unit enhancements.

Pacific's Managing Director in Southern California, Phillip Shuster states how the Brookstone investment exemplifies the firm's investment strategy. "We are thrilled with the Brookstone disposition as it demonstrates the viability of our investment strategy; acquiring quality assets in highly constrained markets poised to benefit from professional management and/or capital improvements. Our capital investment program and management efforts stabilized the property at rent levels significantly superior to those in-place at acquisition. Value was enhanced by virtue of the property's location, allowing it to benefit from strong North Orange County employment growth. These two factors resulted in improving rent levels in excess of 40% during Pacific's two-year ownership period. The success of the Brookstone investment affirms Pacific's successful strategy of acquiring, repositioning and disposing of multifamily assets.

Karoline Sauls and Margie Molloy of Hendricks & Partners listed and sold the property for Pacific. Western National purchased the property from Pacific.

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