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10/15/24
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Gortikov Capital has acquired, Samo Collection, a portfolio of 399 income- and rent-restricted affordable housing units across 11 buildings in the City of Santa Monica, for $120 mil.
Gortikov Capital plans to undertake targeted renovations, including upgrades to common areas, sustainability improvements to reduce the portfolio’s carbon footprint, and other enhancements designed to improve residents' quality of life. The firm has also identified operational inefficiencies and developed a strategy to optimize property performance and reduce expenses.
Built between 1997 and 2009, the Samo Collection’s 399 units are comprised of studio, one-bedroom, two-bedroom, and three-bedroom units featuring best-in-class in-unit amenities including stainless steel appliances, hardwood-style flooring, and central heating and air conditioning. Santa Monica, as one of the most desirable residential submarkets in the country, is experiencing a well-documented and deepening affordability crisis.
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