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Carmel Grabs Daly City Apartment Portfolio for Over $1B

Carmel Grabs Daly City Apartment Portfolio for Over $1B

Multifamily real estate in the Bay Area remains popular with investors, as San Francisco-based Carmel Partners has acquired a portfolio of six apartment communities, totaling 3,000 units across 70 parcels, in Daly City, CA. Purchased from G. Bakar Properties, Carmel paid $675 million plus obtained a loan from Wells Fargo for $348.5 million, valuing the deal at over $1 billion.

According to Bay Area News Group, Carmel Partners also assumed three outstanding loans on the properties, totaling $250 million. The residential units, operating under the name of Westlake Village Apartments, are located near Lake Merced Golf Course, Olympic Club Golf Course and Westlake Shopping Center.

One of the properties, located at 333 Park Plaza Drive, is described as “a coastal community that is spread out on 47 acres with apartment homes including cozy cottages and roomy townhomes” according to the website. All of the communities have access to BART, SamTrans, shopping and entertainment.


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Carmel Partners

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.