Wolff Sells Central Coast Apartments for $30M

CBRE originated a $21 million financing package through Fannie Mae to fund the acquisition of the 96-unit Class B community.
Footprints on the Bay Apartments. Image courtesy of Yardi Matrix

Bridge Partners has purchased the Footprints on the Bay Apartments, a 96-unit Class B multifamily asset in California’s Central Coast, for $30.1 million from The Wolff Co., according to Yardi Matrix. CBRE provided the buyer with $21 million in acquisition financing through Fannie Mae. The lender also recently refinanced a 200-unit community in Fresno, Calif.

The Wolff Co. is an active investor and developer across several Californian markets. In May 2018, the firm completed work on a 386-unit Class A community in Orange County.

Located at 300 Glenwood Circle in Monterey, the garden-style community’s 10 buildings are situated immediately south of Monterey Peninsula College, along the northern side of the Cabrillo Highway. The 675,000-square-foot Del Monte Shopping Center is a short distance away, with numerous shopping and dining options.

Footprints on the Bay, opened in 1975, contains a mix of studio, one- and two-bedroom units, with an average floorplan of 771 square feet. As of April, the asset was 97.9 percent occupied, according to Yardi Matrix data.