Los Angeles, CA - Pacific Property Company increased its growing Southern California portfolio of apartment communities by acquiring 278-units in West Covina, CA in two transactions from an Orange County based private seller. The properties were acquired in a joint venture formed by Pacific and national multifamily advisor SSR Realty.

The six year old multifamily investment firm paid $18.8M for the 140-unit Sunset Crest Apartments and $18.15M for the 138-unit Pacific Isle Apartments. Pacific plans to invest in excess of $2.1M to reposition the properties, which will both undergo name changes and modest interior and exterior renovations.

Managing Director Rory Gardner, detailed the Pacific's interest in the properties, "Our recent West Covina acquisitions represent the primary investment characteristics our firm seeks; a highly occupied submarket coupled with property level rental rate upside through improved management and capital investment. These assets were owned by a private investment partnership since the mid-1980's." The infrastructure of the properties is an outstanding fit within the community where median single family home prices approach $400,000. Both Sunset Crest and Pacific Isle enjoy large floor plans; with each property comprised of a majority of two and three bedroom units. Our asset plan will seek to capitalize on the superior location and layout of the properties: to provide clean affordable housing to families who desire West Covina's suburban lifestyle but work in the adjacent employment centers of Downtown Los Angeles, Ontario, City of Industry, and North Orange County."

Constructed in 1964, Sunset Crest benefits from a broad amenity package including two pools, laundry facilities, air conditioning, and covered parking. Pacific Isle is located on Workman Avenue and features three swimming pools, a large recreation room, and floor plans that benefit from extensive walk-in closets and storage space. Alliance Residential Company will manage both properties for Pacific.

Pacific CEO Alfred Pace comments that the West Covina investments represent the first joint venture with former employer SSR Realty Advisors." Having left SSR in 1998 to form Pacific, I am pleased to once again have the opportunity to do business with one of the nation's premier multifamily advisors. The Pacific Property Company/SSR joint venture lays the groundwork for a continuing business relationship between the two firms."

"The Sunset Crest and Pacific Isle transactions are the kind of win-win scenario Pacific can bring to the table. The existing ownership successfully executed a sale in a strong market and avoided the inevitable recapitalization these properties will soon require. Likewise, Pacific will apply its repositioning expertise to restore these assets to a competitive market footing. I am pleased to note Pacific has acquired nearly $400,000,000 of Southern California apartment communities over the past two years, solidifying our position as one of the state's leading multifamily investors. As we look forward, Pacific seeks to acquire an additional $300,000,000 of Southern California value add and core assets."

Alex Mogharebi, Vice President of Investments with Marcus and Millichap's Ontario, CA office brokered the transactions.

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 $1BB in multifamily assets representing nearly 10,000 apartment homes.