DALY CITY — A mega-deal that boasts a value in the vicinity of $1 billion has enabled a veteran real estate firm to buy thousands of Daly City apartments, public records show.
Carmel Partners, acting through six different affiliates bought the apartments in a deal valued at around $1 billion, this news organization’s review of several county records shows. Carmel Partners gained ownership of residential complexes with a combined total of roughly 3,000 apartments through a half-dozen property purchase transactions, according to the apartments.com website and the county public documents.
The estimated deal value is derived from a combination of the cash Carmel Partners paid for the real estate, prior loans incurred by the seller for which the buyer assumed responsibility, and a loan that Wells Fargo Bank provided to Carmel.