Palo Alto, CA — Pacific Property Company marked the holiday season with the purchase of two apartment communities totaling 126 units in Southern California. The Company's acquisition of the Casa Del Prado and Pacifica El Nido Apartments, located in South Pasadena and Pasadena, respectively, pushes Pacific's portfolio of Southern California apartment communities to 1,476 units.

Pacific purchased the 42-unit Casa Del Prado Apartments and the 84-unit Pacifica El Nido Apartments in a single transaction for the price of $10,300,000 from a local owner. The properties, to be renamed San Marino Heights and Waterstone at Pasadena, are separated by approximately 4 miles. Jeff Louks of the Marcus & Millichap Real Estate Investment Brokerage Company brokered the transaction.

According to Southern California Assistant Portfolio Manager Dan Lukes, the properties will undergo correction of deferred maintenance items as well as significant improvements. "Both assets are currently not achieving rent levels consistent with the immediate submarket, which features rising rents and high occupancy levels. We are confident that our capital improvement efforts will allow both of the properties to fully participate in future market strength." Pacific has budgeted in excess of $1.3 million to renovate the properties.

"The Casa Del Prado and Pacifica El Nido acquisition further our value-added investment strategy," commented Southern California Regional Director Phillip Shuster. "Pasadena and South Pasadena are premier locations in Southern California. Consistent with other acquisitions this year, we are focused on acquisitions in markets with limited new supply and strong employment growth. Ongoing redevelopment efforts in Pasadena are expected to significantly contribute to the tenant base at both properties going forward."

Pinnacle Realty Management Company will be managing the both properties for Pacific.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest. Pacific's acquisition of this latest set of properties increases its portfolio of California apartment communities to over 3,600 units with a cost basis exceeding $350 million.