SAN FRANCISCO, CA - Carmel Partners, Inc., a San Francisco-based private real estate investment firm, announced today that it has completed three transactions in three of its primary markets of Northern California, Hawaii, and Southern California. Carmel Partners Investment Fund II, L.P., ("Fund II") invested in Grosvenor Suites, in San Francisco, CA; Kukui Gardens, in Honolulu, HI; and the Westwood Collection, in Los Angeles, CA. Terms of the transactions were not disclosed.
The nineteen-story Grosvenor Suites sits in a prime hilltop location in San Francisco's historic Nob Hill neighborhood, within walking distance of Union Square, the Financial District and Chinatown. Many of the 205 units boast stunning views of the cityscape, and all are currently benefiting from substantial renovations intended to refresh dated 1962-built interiors. Carmel entered into a joint venture partnership with the current owners of Grosvenor Suites in January 2008.
Kukui Gardens, a 1970-built apartment complex in Honolulu, HI, is located in the heart of Downtown Honolulu, within walking distance of the Central Business District, the Capitol District and the Pacific Ocean. Carmel Partners contracted to purchase all 857 units of the property, and then partnered with the State of Hawaii and several nonprofit entities to structure a deal that preserves the property as affordable housing using a variety of federal and state subsidies. Carmel closed on the deal in December 2007 and retains ownership of 468 units. The impact of Kukui Gardens extends beyond the closing of a single deal; the coalition of public and private partnership structures that Carmel was instrumental in creating serves as a progressive model for future affordable housing initiatives nationwide.
The Westwood Collection is a four-property, 153-unit, 1960's-built portfolio located on the southern edge of the UCLA campus. The Westwood neighborhood boasts increasingly strong demand for student housing and very limited potential for future multifamily development. Students who live at one of the Westwood Collection properties can walk to campus – thereby avoiding the on-campus parking crunch – and also enjoy easy access to local retail and dining opportunities at the nearby Westwood Village. Carmel acquired the portfolio in December 2007 and plans to complete the interior renovation program started by the previous owners.
"Despite the recent turmoil in the housing and capital markets, we have continued to find investment opportunities with rock solid fundamentals," said Chris Beda, Chief Investment Officer. "All three of our recent acquisitions position Carmel Partners in premier locations in strong rental markets, and that's exactly where we like to be."
Source: BusinessWire.com