WaveCrest Capital Management Acquires Monterey County Apartments

SAN FRANCISCO - May 22, 2014 - PRLog -- WaveCrest Capital Management, LLC, a San Francisco-based real estate investment and advisory firm, in partnership with a Southern California-based Family Office investor, has acquired the Tembladera Apartments, a 22-unit multi-family property in Castroville in a transaction valued at $2.4 million. The seller, a local Bay Area Lender, had foreclosed on the property in early 2014.

Built in 1990, the project consists of three, two-story buildings with a mix of two- and three-bedroom units averaging 780 square feet. For WaveCrest, founded by Rich Jones in 2009, Tembladera is the first asset acquired for its own portfolio. The company intends to acquire $10 million of multi-family assets in 2014.

In the past five years, WaveCrest has provided advisory services for the acquisition, financing, asset management and development of multiple multifamily projects in the Pacific Northwest and Bay Area with an aggregate value in excess of $170 million.  Most recently the firm arranged a $34 million construction loan for a private equity fund’s development of an 81-unit mid rise apartment in San Francisco and assisted a private equity fund’s $29 million purchase of an existing industrial park for the redevelopment into a 240-unit complex in Foster City.

“We have been researching and identifying the Monterey County sub-markets for the last six months and felt that this opportunity fit our value-added investment objectives on a variety of levels,” said Jones. “The partnership will undertake a significant capital improvement program to renovate both exterior elements and interior units that had been neglected in recent years, add amenities, and with active asset management re-position the property within the marketplace.”

The San Francisco Office of American West Bank’s provided the acquisition financing and WaveCrest was represented on the transaction by Hap Albers of Albers Real Estate in Monterey, CA.

WaveCrest Capital Management, LLC (www.wavecrestcapitalllc.com) is a San Francisco Bay Area based real estate investment services firm that sponsors partnerships to acquire, re-position and operate middle market multi-family and mixed-use properties for its private investors and clients.  The firm’s investment strategies focus on Northern California and Central Coast markets where it can capitalize on its extensive local market knowledge and industry relationships to source its acquisitions.