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San Diego Affordable Housing Property to Be Recapitalized and Renovated

12/17/14

Chelsea Investment Corp has entered into a joint venture with Westminster Manor of San Diego Inc to renovate and recapitalize Westminster Manor, a 152-unit, high-rise apartment building in San Diego that provides affordable housing for senior citizens. The property, located at 1730 Third Ave, was acquired by this new venture for $28.6 mil.

The new ownership entity, Westminster Manor LLC, used tax credit financing along with permanent financing through HUD and Union Bank to make the purchase.

Westminster Manor was developed in 1970 by First Presbyterian Church of San Diego, which is located across the street from the property. First Presbyterian Church of San Diego is the entity behind Westminster Manor of San Diego Inc.

Under the new ownership entity, the property will undergo a full interior and exterior renovation estimated at $12.5 mil. Residents, who will be relocated during the construction period, will return to apartments with new bathrooms, kitchens, windows, flooring, paint, lighting, window coverings, energy efficient wall heaters and appliances.

Building improvements will include new fire sprinklers and fire alarms, roof and boilers, along with extensive repairs to the plumbing systems and balcony decks. Also planned are an expanded community room, a new computer room and library, larger laundry facilities, common areas enhanced with updated colors and design, and an improved outdoor space. The building exterior will be updated with new paint, tinted windows, and building signage.

During the renovation, the Chelsea/Westminster Manor of San Diego, Inc. partnership has arranged for residents to be temporarily relocated to accommodations including The Lafayette Hotel and the Residence Inn Gaslamp. The Chelsea/Westminster Manor of San Diego, Inc. partnership also contracted with Serving Seniors to provide a social service professional who, along with a property management representative, has been working with residents to prepare for and ease their transition to the temporary quarters.

The work will commence in December, with the relocation of tenants occurring in phases, beginning in early February. Project completion is expected in September 2015. Victor Krebs of Colliers International represented Westminster Manor of San Diego, Inc in the partnership/acquisition. Keyser Marston Associates partner Paul Marra assisted Westminster in its financial analysis for the project.






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