One of the most recognizable buildings in Sand City that has been a backdrop for many events including the annual West End Celebration has been sold for $20 million to a real estate investment platform.
The Independent, at 600 Ortiz Ave. in Sand City, has been acquired by DiversyFund, a self-described leading “fintech” or financial technology investment platform based in San Diego. Its Real Estate Investment Trust-based application allows users to invest in commercial and multi-family real estate.
The Independent, formerly known as the Design Center, was originally built in 2008 with additional residential units added in 2014, according to Cushman and Wakefield, the real estate firm that brokered the sale. The mixed-use property sits on more than 2.5 acres and includes about 12,500 square feet of ground-floor commercial space.
The four-story concrete and steel structure in Sand City can be seen from nearby Highway 1, as well as the surrounding area, which includes parts of neighboring Seaside and is in close proximity to the coastline.
The Independent is described by DiversyFund as a 61-unit mid-rise multi-family asset with floorplans consisting of studio, one-bedroom, and two-bedroom configurations. Unit amenities include washers and dryers, stainless steel appliances, floor-to-ceiling windows, and outstanding views. The 2014 renovations converted previous office and commercial space into apartments on the first and second floors.
Commercial tenant, Post No Bills Craft Beer House, currently occupies space on the first floor but another 11,000 square feet of space remains vacant.
Jason Parr, Scott MacDonald, John Hansen, Sydney Ladrech, and Brayden Joel with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“The Monterey Bay region is considered one of the best performing and highest barrier-to-entry residential markets in the U.S. The Independent stands alone in the region as the only 50+ unit project built here since the 1980s, according to Cushman & Wakefield,” said Managing Director Scott MacDonald in a press release. “Monterey Bay is a severely supply-constrained residential market and remains a main beneficiary of suburban migration from the core (San Francisco) Bay Area, making The Independent a rare and attractive investment opportunity.”
DiversyFund sees its new acquisition as one that presents an investment opportunity.
“The Independent is ideally positioned to make the most of the market in an area where multifamily housing is in limited supply,” says its website. “A prime location near the stunning California coast – including quick access to Big Sur and Pebble Beach golf courses – makes this an exciting investment opportunity.”
Source : Monterey Herald