Seattle, WA—Pacific Property Company recently increased its growing Seattle portfolio of apartment communities when the seven year old, multifamily investment firm paid $36.86M to acquire the 334-unit España Apartments in Bellevue, WA. Pacific plans to invest approximately $4M to reposition the property, which will undergo a comprehensive interior and exterior renovation. España is Pacific's fifth Seattle area acquisition of 2005 after other purchases this year in Redmond, Bellevue, Tukwila and downtown Seattle.

Constructed in three phases (1970, 1978, 1984), España Apartments is located on SE 6th Street, approximately two miles southeast of downtown Bellevue. Pacific will update Espana's exterior with landscape, paint, and contemporary design elements. The interior units feature large floor plans, and Pacific intends to update the appliances, fixtures, and finishes to complete the interior renovation. Pinnacle will manage the property for Pacific.

Pacific's Acquisitions Associate, Jesse Mack, detailed the firm's interest in the property, "España is a great example of the investment objectives our firm seeks—namely, an apartment asset located in a desirable, highly occupied submarket with property level rent upside through management and physical improvements. Our firm is poised to move quickly and assertively to obtain such opportunities."

Kenneth Dudunakis of Hendricks & Partners of Seattle represented the Buyer in the transaction. Dudunakis emphasized that "there were several interested bidders who participated in multiple offering rounds. Ultimately, Pacific Property Company was awarded the deal based on its ability to execute what may have been the shortest escrow period I have seen on a transaction of this size." He added that "Pacific now controls 100% of the improvements on that SE 6th street cul-de-sac, as we brokered their purchase of the neighboring Aspenwood property earlier this year."

Steve Weilbach, the firm's Chief Investment Officer, expanded on Pacific's continuing Seattle area investment efforts, "The España transaction is the kind of win-win scenario Pacific can bring to the table. The existing ownership successfully executed a sale in a strong market and thereby avoided the inevitable recapitalization that this property will soon require. Likewise, Pacific will apply its repositioning expertise to restore this asset to a competitive market footing. I am pleased to note Pacific has acquired nearly $100,000,000 of Seattle apartments this year. Pacific is committed to participate in the Seattle apartment market for the long term. Earlier this year, we opened a downtown office and transferred acquisition officer Jesse Mack from Los Angeles to spearhead the Pacific Northwest acquisitions efforts.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout the West Coast.