X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PALO ALTO-A 48-unit, low-income apartment complex here is caught between charity and profit.

A religious organization has received a $4 million pledge toward the purchase of the complex, but is still $1.75 million short of it wants to counter an offer for the property made by a Silicon Valley investment partnership that wants to raze the structure and build condominiums.

The property in question is the Carriage Manor at 1760 Bay Road. The Daughters of Charity Ministry Services, a Catholic nonprofit group, has joined with the Philanthropic Ventures Foundation to raise the additional money. The local owner, Benyam Mulugeta, bought the building in March for $2.1 million. He turned down a $2.6 million offer from the nonprofit earlier this year, and is still in negotiations with the investment partnership.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.