DALY CITY, CA-Pacifica Cos. of San Diego has acquired a 72-unit REO condominium project from the lender and plans to operate the newly constructed building as apartments. Anton Qiu of TRI Commercial, who marketed the project on behalf of the lender, tells GlobeSt.com that the property attracted "double-digit" offers. The purchase price was not disclosed, but the original balance owed on the loan was more than $28 million.
The development, at 2665 Geneva Ave., includes approximately 11,500 square feet of retail space in addition to the residential units, plus 129 parking spaces in both an underground garage and a surface lot. The property is directly across the street from the Cow Palace, a regional entertainment venue.
The project was nearly 100% completed and received certificate of occupancy from the city of Daly City, but the former developer never sold any units and eventually went into bankruptcy, Qiu says. The bank foreclosed the property in September and hired Qiu to market the asset.
This is the second large bank REO condo project Qiu sold this year. The other sale was The Landmark Plaza in Daly City, a 95-unit residential condo project plus 10 retail commercial units, which was sold in September. The properties are believed to be the largest bank REO condo/multi-family projects sold in North San Mateo County in the past year.
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