Palo Alto - December 16, 2004. Pacific Property Company announced today it has promoted Los Angeles acquisition director Rory Gardner to the position of Managing Director of the firm. Mr. Gardner joined Pacific in 2000.

Pacific president Al Pace commented on the promotion. 'Rory has been instrumental in successfully expanding Pacific's southern California presence. Opening the Irvine, California office two years ago, Rory has since moved to the Westwood/Los Angeles office where he has expanded Pacific's reach and market penetration. As a firm focused on achieving superior investment performance on behalf of our investors and strategic partners, we are pleased to acknowledge Rory's superior performance in this significant manner and to recognize him for his accomplishments. We look forward to his continuing contributions to the growth of Pacific."

Since 1998 Pacific has grown to become one of the west's most significant multifamily investors. Privately held, Pacific has acquired nearly $1 billion dollars of multifamily assets in California.