DALY CITY — A mega-deal that boasts a value in the vicinity of $1 billion has enabled a veteran real estate firm to buy thousands of Daly City apartments, public records show.
The apartments are located at multiple sites in Daly City, according to documents filed on Jan. 30 with the San Mateo County Recorder’s Office.
Carmel Partners, acting through six different affiliates bought the apartments in a deal valued at around $1 billion, this news organization’s review of several county records shows.
The massive deal suggests that veteran real estate investors continue to hunger for commercial real estate in the Bay Area, despite a widening array of economic uncertainties.
Carmel Partners gained ownership of residential complexes with a combined total of roughly 3,000 apartments through a half-dozen property purchase transactions, according to the apartments.com website and the county public documents.
The recently bought residential units operate under the umbrella name of Westlake Village Apartments. Affiliates controlled by G. Bakar Properties were the sellers of the apartment parcels, county records show.
The Daly City apartments that Carmel Partners bought are located in six sites in the Peninsula city.
The locations of the just-purchased apartments are at and near these addresses:
- 333 South Park Plaza Drive near Fairway Drive and next to Lake Merced Golf Club
- 220 Lake Merced Boulevard near John Daly Boulevard and a short distance from Westlake Shopping Center
- 10 Forest Grove Drive near John Daly Boulevard and near Westlake Shopping Center
- 111 South Mayfair Avenue near Lake Merced Golf Club
- 27 Northgate Avenue near the Olympic Club golf course
- 35 through 45 Eastmoor Avenue and 4 through 28 Terrace View Court near Westmoor HIgh School
The estimated deal value is derived from a combination of the cash Carmel Partners paid for the real estate, prior loans incurred by the seller for which the buyer assumed responsibility, and a loan that Wells Fargo Bank provided to Carmel.
San Francisco-based Carmel Partners paid $675.2 million for approximately 70 parcels where the 3,000 apartments are located in Daly City, the San Mateo County records show.
Additionally, Carmel Partners agreed to assume responsibility for three loans totaling a combined $249.8 million. That brings the value of the deal package, when combining the equity and the assumed debt, to $925 million.
Carmel Partners also obtained a loan from Wells Fargo of $348.5 million.
These financial components bring the total value of the deal package to approximately $1.3 billion, based on a combination of Carmel Partners’ cash equity payment of $675.2 million, the $249.8 in assumed loans and the $348.5 million from the Wells Fargo financing, this news organization’s review of the county documents shows.
“Westlake Village Apartments is a coastal community that is spread out on 47 acres” with apartment homes, cottages and townhomes,” the apartments.com site states. “Suburban lifestyle with urban access” were also listed as features, the website states.
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