Search
 

Hammer Ventures Lands Monarch Property for $83M

SAN DIEGO-The locally based consortium of real estate companies acquires Monarch at Carmel Valley and has plans to convert the 225-unit apartment property into a condominium complex.

By Daniel D. Williams | Updated on October 31, 2004

SAN DIEGO-Hammer Ventures has landed the 225-unit Monarch at Carmel Valley apartment complex for $83 million and will begin the condo conversion process early next year, according to company sources. Hammer/Carlyle Monarch LP acquired the property from Monarch at Carmel Valley LLC.The property is “pretty much ready to go. There’s not much we need to do to the units,” says Wade Mains, vice president of development and operations for Hammer Ventures. “They’re built to almost condo specs already,” Mains tells Globest.com.Built in 2000, the Monarch at Carmel Valley is a three-story property that contains 70 one-bedroom, one-bath units at 825 sf each; 48 two-bedroom, two-bath units at 1327 sf; 89 two-bedroom plus den, two-bath units at 1201 sf each and 18 three-bedroom, two-bath units at 1444 sf each. The property totals 254,755 sf and its amenities include a resort style pool and spa, multi purpose media center, poolside barbeque facilities, 24 hour cardio/fitness center and a lounge with kitchen. The project was financed with a loan from Deutsche Bank. Ed Rosen and John Chu of Burnham Real Estate represented both the buyer and the seller in the deal.Mains says Hammer Ventures, which is a consortium of real estate companies dedicated to the acquisition, entitlement and production of multi-family housing in the Western United States, remains very bullish on condo conversion deals. Besides the Monarch deal, Hammer acquired Madison Avenue Manor from Behr Family Partnership I for $14 million just last month. Mains points to the “enormous supply/demand imbalance” for housing in the area among the strong fundamentals driving the condo conversion market.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.