Palo Alto, CA - Pacific Property Company continues to invest aggressively in West Coast multifamily assets; recently acquiring a 60 unit urban mid-rise in Portland, OR. Pacific acquired the Goose Hollow Village Apartments for a contract purchase price of $5.175 million. The transaction follows on the heels of the recently acquired 156 unit Pacific Crest apartments in Tigard. Gail Neuburg of Tilbury, Ferguson & Neuburg, Inc. represented Pacific Property Company in the transaction. Terry Bean and David Gifford of Bean Investment Real Estate, Inc. represented the Seller.

Pacific is planning a number of property upgrades for Goose Hollow, including a facelift for the exterior of the building. The acquisition of Goose Hollow increases Pacific's portfolio of West Coast apartment communities to 4,500 units.

According to Matthew Campbell, Pacific's northwest Regional Director, occupancy in the Goose Hollow downtown neighborhood is strong, notwithstanding continued sluggishness in the local economy. Campbell notes Pacific is committed to acquiring more properties in the Pacific Northwest. The company currently has offers out on several apartment communities and is actively seeking more opportunities. One of the things that attracted the seller to Pacific Property Company was their ability to close quickly. In order to facilitate a quick closing, Pacific Property closed the transaction without a financing contingency.

While recent economic news has caused some institutional investors to go to the sidelines, Pacific is staying the course, committed to the investment strategy that apartment investment in supply constrained markets, coupled with solid long term job growth prospects is the way to go. Putting their dollars where their mouth is, Pacific has acquired nearly 2000 units throughout California in the past twelve months and is looking to echo this growth in the Pacific Northwest. During the past three years Pacific has grown to become one of the most active west coast multifamily investors in the country.

Pacific Property Company is a privately owned multifamily investment company seeking to acquire attractive apartment investment opportunities throughout California and the Pacific Northwest.