Los Angeles, CA - Pacific Property Company increased its growing Southern California portfolio of apartment communities by acquiring 30-units in Glendale, CA. The six year old, multifamily, investment firm paid $4.8M for the Stocker Apartments. Pacific plans to invest approximately $500K to reposition the property, which will undergo a name change and a comprehensive interior and exterior renovation. The Stocker Apartment is Pacific's second Glendale acquisition in 2004. In June of this year, Pacific acquired the nearby 77 unit Sonora Apartments for $13.8M.

Pacific's Acquisition Associate, Jesse Mack, emphasized that "the property, which consists primarily of two bedroom units, is an outstanding fit within the community where median single family home prices exceed $500,000. Our asset plan will provide appealing and affordable housing for individuals and families who desire Glendale's suburban lifestyle but work in the adjacent employment centers, including Downtown Glendale, Los Angeles, and entertainment studios in Burbank."

Constructed in 1963, Stocker Apartments is located on Stocker Street, approximately 3/4 mile northwest of downtown Glendale. Stocker has laundry facilities, central air conditioning, and subterranean parking. Pacific will ensure that the extant systems are correctly functioning, and will update the exterior through landscape, paint, and modern design features. The interior units feature large floor plans that benefit from extensive closet and storage space; however, Pacific will update the appliances, fixtures, and finishes to complete the renovation. Stratus Real Estate will manage the property for Pacific.

Pacific's Managing Director, Rory Gardner, detailed the firm's interest in the property, "Stocker represents the primary investment characteristics our firm seeks; a highly occupied submarket coupled with property level rental rate upside through improved management and capital investment. This purchase illustrates our firm's ability to respond to market dynamics, as appropriate, in order to capitalize on opportunity. While Pacific's most recent transactions evidence the firm's primary appetite for apartments in the $10M-$100M+ range, this purchase demonstrates that we can be just as competitive for product priced below the $10M price point."

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.