Pump Up the Volume! Pacific Property Company Closes Banner Year

Apr 19, 2001, 01:00 ET from Pacific Property Company

    PALO ALTO, Calif., April 19 /PRNewswire/ -- Thirty-six months ago Pacific
 Property Company did not exist.  Closing its third fiscal year on
 March 31, 2001 the company reports numbers evidencing it has rapidly grown to
 become the third largest apartment investor in Northern California, ranks
 sixth in Southern California and is the country's 33rd most active multifamily
 investor.  During the just closed twelve-month period, the firm acquired
 eleven apartment communities totaling $211,000,000, adding 2,025 units to its
 burgeoning portfolio.  Additionally, as of fiscal year end Pacific reported it
 is under contract to acquire four more properties totaling 484 units and
 $47,000,000.  Investment activity over the prior fiscal year increased by more
 than 200 percent while rental revenues increased five-fold.  During the year,
 the company also sold four properties, totaling 486 units and $66,000,000.
 Pacific's total acquisitions exceed 4000 apartment homes and approximately
 $400,000,000 in cost.
     "We are very pleased with our fiscal year-end results," observed Alfred
 Pace, CEO of Pacific.  "Our ability to attract experienced multifamily
 individuals from the pension fund advisory and development sectors has
 contributed mightily to our progress.  These key individuals are among the
 best in the industry and it is their effort that continues to move Pacific
 forward towards its objective of becoming the west-coast's dominant
 multifamily investor.  Property operating performance has been stellar and we
 are very pleased with the profitable results of our property sales effort.
 Investment returns continue to remain exceptionally strong, despite recent
 concerns about the Northern California market."
     "While we monitor investment and market conditions daily, we believe that
 current U.S. economic concerns reaffirm our successful strategy of investing
 in existing apartment communities in employment center markets, constrained by
 the high cost of competitive development, low housing affordability and a
 dearth of development sites.  Only a few US markets meet these investment
 constraints and it is in these markets Pacific will continue to stake its
 increasing claim.  We have no interest whatsoever in commodity-like markets
 where these constraints do not exist."
     During the fiscal year, Pacific also noted it added additional offices in
 Seattle and San Diego.  It continues to seek attractive investment
 opportunities throughout the west coast.
     Pacific Property Company is a privately held, Palo Alto-based multifamily
 investment firm.  The company acquires value apartment communities for its own
 account. For further information, contact:
 
     CONTACT:  Alfred V. Pace President and CEO Pacific Property Company
               777 California Avenue Palo Alto, Ca 94304
               Tel:  650-856-9800 Fax: 650-213-8849
 
     This release was issued through DigitalWork -- The Leader in Enabling
 eServices.  For more information visit: http://www.digitalwork.com.
 
 

SOURCE Pacific Property Company
    PALO ALTO, Calif., April 19 /PRNewswire/ -- Thirty-six months ago Pacific
 Property Company did not exist.  Closing its third fiscal year on
 March 31, 2001 the company reports numbers evidencing it has rapidly grown to
 become the third largest apartment investor in Northern California, ranks
 sixth in Southern California and is the country's 33rd most active multifamily
 investor.  During the just closed twelve-month period, the firm acquired
 eleven apartment communities totaling $211,000,000, adding 2,025 units to its
 burgeoning portfolio.  Additionally, as of fiscal year end Pacific reported it
 is under contract to acquire four more properties totaling 484 units and
 $47,000,000.  Investment activity over the prior fiscal year increased by more
 than 200 percent while rental revenues increased five-fold.  During the year,
 the company also sold four properties, totaling 486 units and $66,000,000.
 Pacific's total acquisitions exceed 4000 apartment homes and approximately
 $400,000,000 in cost.
     "We are very pleased with our fiscal year-end results," observed Alfred
 Pace, CEO of Pacific.  "Our ability to attract experienced multifamily
 individuals from the pension fund advisory and development sectors has
 contributed mightily to our progress.  These key individuals are among the
 best in the industry and it is their effort that continues to move Pacific
 forward towards its objective of becoming the west-coast's dominant
 multifamily investor.  Property operating performance has been stellar and we
 are very pleased with the profitable results of our property sales effort.
 Investment returns continue to remain exceptionally strong, despite recent
 concerns about the Northern California market."
     "While we monitor investment and market conditions daily, we believe that
 current U.S. economic concerns reaffirm our successful strategy of investing
 in existing apartment communities in employment center markets, constrained by
 the high cost of competitive development, low housing affordability and a
 dearth of development sites.  Only a few US markets meet these investment
 constraints and it is in these markets Pacific will continue to stake its
 increasing claim.  We have no interest whatsoever in commodity-like markets
 where these constraints do not exist."
     During the fiscal year, Pacific also noted it added additional offices in
 Seattle and San Diego.  It continues to seek attractive investment
 opportunities throughout the west coast.
     Pacific Property Company is a privately held, Palo Alto-based multifamily
 investment firm.  The company acquires value apartment communities for its own
 account. For further information, contact:
 
     CONTACT:  Alfred V. Pace President and CEO Pacific Property Company
               777 California Avenue Palo Alto, Ca 94304
               Tel:  650-856-9800 Fax: 650-213-8849
 
     This release was issued through DigitalWork -- The Leader in Enabling
 eServices.  For more information visit: http://www.digitalwork.com.
 
 SOURCE  Pacific Property Company