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.