Multi-housing asset in coastal California secures $13.1M in financing

23 March 2023

SAN DIEGO - JLL Capital Markets announced today that it has closed the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multi-housing asset located in Sand City, California within Monterey County.

JLL marketed the property on behalf of the borrower, Diversyfund, to secure a fixed-rate loan through a life insurance company.

Built in 2008 and renovated in 2014, The Independent offers a mix of modern studios, one-bedroom and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. Community amenities include a courtyard, carports and garage parking.  Further upside from the property comes from the 11,000 square feet of vacant commercial space and the opportunity to develop additional units on the underutilized, excess land included with the purchase.

Situated at 600 Ortiz Ave., the property is walking distance to Monterey State Beach and less than ten miles away from the famous Pebble Beach Golf Courses and Monterey Bay Aquarium. Sand City is set on the shores of Monterey Bay, offering a high quality of life with proximate boutiques, fine dining, art galleries, shops and cafes.

“The Independent represents a unique investment opportunity to purchase a great asset in a supply-constrained coastal California market below replacement cost. Real estate is truly a team sport, and we couldn’t have asked for better partners than JLL and Eagle Realty Group on this acquisition,” said Isaac Dixon, Senior Vice President, Real Estate at DiversyFund.

The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark and Associate Brad Vansant.