Pacific Properties Starts Construction on $20 million Luxury Apartment Development In Riverside, CA

July, 2003 -- Pacific Properties has started construction on a $20 million, 158-luxury apartment complex located in Riverside, Calif., named Sycamore Highlands. Located on the site, zoned for retail use, Pacific Properties enlisted the support of neighbors in rezoning the site to allow this new 158-unit luxury apartment community.

"There is a high demand for luxury rental apartments in Riverside," said Jim Stockhausen, Senior Vice President of Development for Pacific Properties (www.pacificpropertiesllc.com), one of the country's largest private real estate developers. "This project turns a vacant lot into a vibrant new neighborhood that meets a market demand for alternative housing."

Located at the intersection of the 60 and 215 freeways, Sycamore Highlands gained city approval with the help of community stakeholders that will benefit from a new 20-acre regional park nearby. Pacific Properties is contributing $300,000 toward the $800,000 park budget to complete the first phase.

"Creating a neighborhood of luxury housing involves the careful balance of a variety of uses," commented Stockhausen. "People need space to play ball, go jogging and walk their dogs. As a result, our contribution allows the city to begin building this community park five years earlier than planned."

Designed by Irvine-based KTGY Group, the seven two-and three-story buildings are surrounded by extensive landscaping. The units feature luxury amenities including vaulted ceilings, crown molding, ceiling fans, fireplaces, enclosed patios and balconies, and top of the line appliances. Residents will have full use of a swimming pool, hot tub, fitness center, business center and play areas.

Completion is slated for April 2004.

Civil Engineer on the project is Riverside based Albert Webb & Associates.

One of the premiere multifamily developers in the United States, Pacific Properties (www.pacificpropertiesllc.com) and its principals have developed and acquired more than 20,000 multifamily units since its founding in 1985. The company has developed 1,500 units a year since 2000, with another 2,500 units to be developed in 2004.

Headquartered in Las Vegas with additional offices in Los Angeles and Dallas, the firm's projects are located throughout California, Colorado, Texas, and Nevada.

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Contact:
Leeza Hoyt
llhoyt@hoytorg.com



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