SAN DIEGO, March 24, 2023 /PRNewswire/ -- DiversyFund is pleased to announce the purchase of The Independent, a 61-unit multifamily midrise property located in Sand City, CA, just outside Monterey. The $20 million deal was brokered by Cushman & Wakefield Northern California Multifamily Advisory Group and represents an opportunity to expand DiversyFund's holdings in a supply-constrained coastal market at below replacement cost. Isaac Dixon, Senior VP of Real Estate for DiversyFund, managed the deal from initial visit through closing and says, "The Independent acquisition provides a rare combination of a Core Plus asset located in a great market and the opportunity to develop additional units adding value for the community and our investors."
The Independent was built in 2008 and comprises
Major renovations in 2014 converted what was originally office space on the 2nd floor into additional multifamily units with a modern, urban feel. Amenities include a courtyard, garage parking, and residential carports.
Located at 600 Ortiz Ave., The Independent is within proximal distance to some of Central California's most desirable locations for recreation, shopping, and fine dining, including Monterey Bay, Carmel-by-the-Sea, Pebble Beach golf course, and Big Sur. The area has recently experienced an influx of new residents looking to escape the economic and political upheaval of larger coastal cities.
About DiversyFund: DiversyFund, Inc. is a leading fintech investment platform based in San Diego and offering the everyday investor access to private real estate markets focused on multifamily assets. DiversyFund's leadership has combined expertise in real estate investing, syndication, fund management, and technology to democratize real estate investing. The company's institutional-quality offerings are now available to everyone through an innovative use of technology and a unique business model. DiversyFund, Inc. boasts a community of over 300,000 users, including 30,000 investors. Visit DiversyFund.com for more info.
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