In what cumulatively may turn out to be the largest CRE deal this year in the Bay Area, Carmel Partners has acquired the Westlake Village Apartments, encompassing 3,000 units in Daly City, in a series of transactions with G. Baker Properties totaling more than $1B.
The total price for the Daly City portfolio—which was acquired in six separate transactions—represents the combined value of $675M in cash Carmel paid for the properties and a $349M loan the company secured from Wells Fargo to finance the acquisitions, according to a report in SiliconValley.com.
San Francisco-based Carmel also is absorbing three outstanding loans on the properties totaling $250M, the report said.
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