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Hammer Ventures Shells Out $14M for Condo-Conversion Opportunity

SAN DIEGO-The locally based consortium of real estate companies acquires Madison Avenue Manor from Behr Family Partnership I, with plans to convert the 33-year-old apartment property into a condominium complex.

By Erin Cassin | Updated on October 19, 2004

SAN DIEGO-Hammer Ventures has picked up a 33-year-old apartment asset in San Diego for nearly $14 million, with plans to convert the property into a condominium complex. The property will undergo “standard, cosmetic upgrades that you see in other conversions,” according to Wade Mains, vice president of development and operations for Hammer Ventures. The conversion of the units is expected to begin in spring of 2005, which is when Mains says sales of the condos will also occur. “We’ll begin marketing this winter and closing escrows in the spring,” he tells GlobeSt.com. Located at 3535 Madison Ave. in San Diego, the recently acquired asset consists of 64 one-bedroom, one-bath units that encompass 650 sf each and 24 two-bedroom, two-bath units that are comprised of 944 sf each. Spanning a total of 64,256 sf, Madison Avenue Manor is a two-story, gated community that has a recorded condominium plan. Amenities here include a pool, spa, recreation center, patios and balconies. Hammer Ventures, which is a locally based consortium of real estate companies, has acquired Madison Avenue Manor from Behr Family Partnership I. Alex Mohgarebi of Marcus & Millichap represented both parties in the recent transaction, for which Jules Arthur and Casey Healing of Hendricks & Partners assisted. Southwest Community Bank has financed the project with a $15.2-million loan. “I think that there’s still an enormous supply/demand imbalance and I think that this project and other projects that we’re working on will continue to feed that demand,” Mains tells GlobeSt.com. Going forward, his firm “plans on continuing to acquire more conversion product and also expand our markets,” Mains concludes.

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