NEWPORT BEACH, Calif., July 18 /PRNewswire/ -- Moving forward with its
strategy to develop rental communities for the active seniors community,
Pacific Gulf Properties Inc. (NYSE: PAG) has purchased 5.24 net acres in
Laguna Niguel, California, for $3.9 million from Shea Homes. The Company
plans to begin construction on two and three-story rental apartment
communities during the fourth quarter of 2000, with completion anticipated in
the fall of 2001.
Active seniors housing targets individuals 55 years of age and older who
seek an active living environment with those of similar lifestyles.
The Pacific Gulf Properties apartment community in Laguna Niguel will
feature centrally located recreation and other facilities including pool, spa,
game room, library, elevator access and on-site laundry facilities.
The City of Laguna Niguel is located in South Orange County, approximately
50 miles south of Los Angeles, and is recognized as one of the first master
planned communities in California.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
owns, develops and manages a portfolio of industrial properties targeting
small to mid-size tenants in selected high-growth U. S. western markets. The
company's industrial portfolio is comprised of 73 properties encompassing more
than 15.2 million square feet of space. Pacific Gulf Properties Inc. also has
1,631 units of traditional multifamily apartments that are currently being
marketed for sale. The company also maintains a portfolio of eight rental
apartment communities comprising almost 1,500 units designed for the
burgeoning population of active seniors age 55 and older. The company is
headquartered in Newport Beach, California. For more information, please
visit the company's web site at http://www.pacificgulf.com.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934. Such statements relating to, among other things,
events, conditions, prospects and financial trends that may affect the
Company's future distributions, plans of operations, business strategy, growth
of operations and financial position are not guarantees of future performance
and are necessarily subject to risks and uncertainties, some of which are
significant in scope and nature, including without limitation, increased
competition, adverse economic trends, increasing interest rates, factors
described above and other factors.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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