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$169M Sell Out Expected on 425-Unit Condo Conversion

EMERYVILLE, CA-Port Kihei Investments Inc., which acquired the Emery Bay Club Apartments in November for about $250,000 per unit, says it expects to sell the units off at an average price of $397,000 per unit.

By Brian K. Miller | Updated on December 28, 2005

(To read more on the multifamily market, click here.)

EMERYVILLE, CA- Port Kihei Investments expects to generate $169 million in revenue selling off the 425-unit Emery Bay Club Apartments as condominiums at an average price of $397,000 per unit. The Pismo Beach-based investor acquired the 16-year-old complex in November for $106 million and likely will invest another $12 million or more preparing the units and the property in general for resale.

Emery Bay Club offers studio, one- and two-bedroom flat units situated in five four-story buildings above a two-story parking podium. About 35% of the units have views of the Bay Bridge, San Francisco skyline, Golden Gate Bridge and Alcatraz. Common amenities include a common building with community rooms, fitness center with sauna, pool, two spas and grill areas.

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