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3/24/23
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In a NoCal res buy, Diversyfund purchased The Independent, a Class A, 61-unit multi-housing asset located in Sand City, within Monterey County. The deal was financed with an acquisition loan for $13.1 mil.
Built in 2008 and renovated in 2014, The Independent offers a mix of modern studios, one-bedroom and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. Community amenities include a courtyard, carports and garage parking. Further upside from the property comes from the 11k sf of vacant commercial space and the opportunity to develop additional units on the underutilized, excess land included with the purchase.
Situated at 600 Ortiz Ave, the property is walking distance to Monterey State Beach and less than ten miles away from the famous Pebble Beach Golf Courses and Monterey Bay Aquarium. Sand City is set on the shores of Monterey Bay, offering a high quality of life with proximate boutiques, fine dining, art galleries, shops and cafes.
Bryan Clark and Brad Vansant with JLL Capital Markets arranged the fixed-rate loan through a life insurance company.
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