Pacific Property Company to Acquire $22M Northern California Apartment Community, Plans Rehab

Apr 04, 2001, 01:00 ET from Pacific Property Company

    PALO ALTO, Calif., April 4 /PRNewswire/ -- Pacific Property Company,
 Northern California's third largest multifamily investment firm, has
 committed to acquire its fifth property for the year.  Pacific announced it
 is non-refundable and has agreed to acquire the 137-unit Suntree Garden
 Apartments located in Milpitas, California.  The $22,000,000 transaction is
 scheduled to close in May.  The transaction follows on the heels of Pacific's
 recent acquisition of 168 units in Sherman Oaks, the California Valley
 Country Club and two properties in Pasadena totaling 126 units.  Further,
 Pacific has committed to acquire Rancho Palisades, 109 units located in
 Costa Mesa, California and the 82-unit Park Place Apartments in Burbank.
 Scot Edin of Scott Edin & Associates of San Leandro, California brokered the
 Suntree Garden transaction.
     Located in central Milpitas, Suntree Garden is proximate to the Interstate
 680, a major north-south east bay commute corridor.  The property is
 currently 100 percent occupied.  Pacific is attracted to the property by its
 tremendous location relative to San Francisco Bay Area employers and
 fundamental land and development constraints.  According to Steven Weilbach,
 Pacific's Northern California Regional Director, "The list of employers
 within a three-mile radius of the property reads like a 'Who's, Who' list of
 top Silicon Valley companies.  New supply is very limited.  Even with the
 tempering of the tech boom, housing remains in short supply and new
 development sites are virtually non-existent."
     Suntree Garden will undergo a $2,000,000 renovation and upgrade program,
 including correction of existing deficiencies, interior and common area
 improvements.  The property will be managed by Ventana Property Services,
 which currently manages several other properties for Pacific in Northern
 California.
     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 latest acquisition
 increases its portfolio of West Coast apartment communities to over
 4,000 units with a cost basis exceeding $350 million.
 
     For further information, contact: Northern California, Steven Weilbach,
 Regional Director-Northern California, 650-842-2234,
 sweilbach@pacificpropertyco.com ; Southern California, Phillip Shuster,
 Regional Director-Southern California, 310-443-8680, pshuster@linkline.com ,
 David Le Beau, Acquisitions Manager-San Diego, CA, 714-547-0459,
 dlebeau@pacificpropertyco.com ; Pacific Northwest, Matt Campbell, Regional
 Director-Pacific Northwest, 206-505-7922,
 mcampbell@pacificpropertyco.com , all of Pacific Property Company.
     Website:  http://www.pacificpropertyco.com .
 
     This release was issued through DigitalWork.com - Your Business Workshop.
 For more information visit: http://www.digitalwork.com.
 
 

SOURCE Pacific Property Company
    PALO ALTO, Calif., April 4 /PRNewswire/ -- Pacific Property Company,
 Northern California's third largest multifamily investment firm, has
 committed to acquire its fifth property for the year.  Pacific announced it
 is non-refundable and has agreed to acquire the 137-unit Suntree Garden
 Apartments located in Milpitas, California.  The $22,000,000 transaction is
 scheduled to close in May.  The transaction follows on the heels of Pacific's
 recent acquisition of 168 units in Sherman Oaks, the California Valley
 Country Club and two properties in Pasadena totaling 126 units.  Further,
 Pacific has committed to acquire Rancho Palisades, 109 units located in
 Costa Mesa, California and the 82-unit Park Place Apartments in Burbank.
 Scot Edin of Scott Edin & Associates of San Leandro, California brokered the
 Suntree Garden transaction.
     Located in central Milpitas, Suntree Garden is proximate to the Interstate
 680, a major north-south east bay commute corridor.  The property is
 currently 100 percent occupied.  Pacific is attracted to the property by its
 tremendous location relative to San Francisco Bay Area employers and
 fundamental land and development constraints.  According to Steven Weilbach,
 Pacific's Northern California Regional Director, "The list of employers
 within a three-mile radius of the property reads like a 'Who's, Who' list of
 top Silicon Valley companies.  New supply is very limited.  Even with the
 tempering of the tech boom, housing remains in short supply and new
 development sites are virtually non-existent."
     Suntree Garden will undergo a $2,000,000 renovation and upgrade program,
 including correction of existing deficiencies, interior and common area
 improvements.  The property will be managed by Ventana Property Services,
 which currently manages several other properties for Pacific in Northern
 California.
     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 latest acquisition
 increases its portfolio of West Coast apartment communities to over
 4,000 units with a cost basis exceeding $350 million.
 
     For further information, contact: Northern California, Steven Weilbach,
 Regional Director-Northern California, 650-842-2234,
 sweilbach@pacificpropertyco.com ; Southern California, Phillip Shuster,
 Regional Director-Southern California, 310-443-8680, pshuster@linkline.com ,
 David Le Beau, Acquisitions Manager-San Diego, CA, 714-547-0459,
 dlebeau@pacificpropertyco.com ; Pacific Northwest, Matt Campbell, Regional
 Director-Pacific Northwest, 206-505-7922,
 mcampbell@pacificpropertyco.com , all of Pacific Property Company.
     Website:  http://www.pacificpropertyco.com .
 
     This release was issued through DigitalWork.com - Your Business Workshop.
 For more information visit: http://www.digitalwork.com.
 
 SOURCE  Pacific Property Company