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OAKLAND, CA—Pacific Property Co. continued its fast-paced investment activity by acquiring its fifth apartment community this year. The two-year-old Palo Alto company closed on the 109-unit Grand Lake Terrace Apartments in Oakland’s Adam’s Point area, near Lake Merritt and Downtown, for $8.9 million. Oakland’s William H. Brown brokered the transaction.

The property is 98% occupied with an average rent of $855. Pacific plans a moderate rehab and repositioning program for the new acquisition. The deal increases Pacific’s portfolio of California apartment communities to more than 2,700 units with a cost basis exceeding $230 million. Last month, Pacific closed a $55-million apartment deal in Fremont.

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