(To read more on the multifamily market, click here.)
WALNUT CREEK, CA-With plans to convert the property tocondominiums, Carmel Partners has acquired the 184-unit Park LaneApartments here for $51 million or $277, 173 per unit. The SanFrancisco-based investment firm acquired the property with itssecond discretionary institutional real estate investment fund,Carmel Partners Investment Fund II LP.
The off-market transaction was sourced by David Silver andNathan Blair of Arroyo & Coates, who officially represented theseller, a private East Bay family that owned the property underPark Lake Apartments LP. Carmel Partners managing partner and chiefinvestment officer Chris Beda tells GlobeSt.com the company plansto bring the product to market before the end of the third quarter;the company has yet to establish pricing, he says.
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