A 126-unit, seniors-only affordable complex in San Carlos just changed hands for $47 million, and the new owner is keeping a low profile. The buyer has not been publicly named but is pledging to put fresh money into the property and keep long-term residents protected by existing rent limits.
Deal and players
According to Connect CRE, Lakeshore Villa Apartments at 6888 Golfcrest Drive sold for $47,000,000. The Mogharebi Group represented sellers Arka Properties and Black Equities in the deal, with TMG brokers Otto Ozen, Shawn Bolour and Jordan Pakzad leading the marketing effort.
Why buyers lined up
The property’s big draw is reliable income. The community operates under a 100 percent Senior HUD HAP (project-based Section 8) contract, which means rent payments are heavily backed by the federal government. That kind of certainty is rare. “In California, there are only 456 100-unit plus Project Based Section 8 properties,” noted Shawn Bolour of The Mogharebi Group, as reported by CityBiz.
Price and what it means
The $47 million sale pencils out to roughly $373,000 per unit, a strong number for an affordable housing asset with project-based subsidy protection. Industry coverage pointed to the mix of stable cash flow and limited supply as the catalyst for a crowded field of suitors. RENTV reported the per-unit pricing and key transaction details…