he Pacific is a 187-Unit, 16-story luxury residential condominium project located along the shoreline of the City of Long Beach, California. The ownership, LJR Partners LP is a joint venture between James Ratkovich &

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 The Pacific Condominiums 
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EDGEWATER ON OCEAN
WAILEA BEACH VILLAS
 
Associates, Inc. and Lehman Brothers Holdings. It purchased The Pacific on December 30, 1996 in a controlled bid transaction, the best of 16 offers, for a negotiated price of $24.5 million dollars
     The partnership invested over $16.1 million to renovate, market and operate the property in concert with the homeowners association, The Pacific Condominium Association. Sales of the units commenced in August 1997. All of units are now sold.
     The Pacific was marketed primarily through print media with the tag line of "Luxury Living on the Beach." The "typical" buyer fit a varied demographic profile: many were young professionals, as well as empty nesters, retirees and second homebuyers. The Pacific offers an enjoyable lifestyle, unfettered by the demands of maintaining and securing a single-family home. It enjoys the close proximity to recreational, cultural and commercial opportunities and a favorable geographical location within the Los Angeles metropolitan area.
     The uniqueness of the property, an experienced sales force, an intensive marketing campaign, a high level of customer satisfaction, the lack of quality residential inventory and the renaissance of the Long Beach area in general were strong factors in the overall success of the property.