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.

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