Cazador Investments Acquires Three Properties Across California & Utah Totaling $18 Million
DEL MAR, Calif., June 4, 2021 /PRNewswire/ --Cazador Investments, LLC (Cazador), a California-based private equity real estate investor and operator, has closed on three multifamily acquisitions across the western states of California and Utah over the last six months.
Hunter Beaumont, President of Cazador, stated that "each of these deals was a situational opportunity where we took advantage of some Covid-related uncertainty and secured deals at attractive pricing. We continue to fly under the radar of the institutional buyers and are very happy owning and operating multifamily assets in the 20–100 unit range."
Las Brisas (Vista, CA)
Built in 1980 and featuring mostly 2-bedroom units, Las Brisas is a 22-unit multifamily property situated on 1.5 acres in the booming San Diego submarket of Vista. The property has value-add, redevelopment and Accessory Dwelling Unit (ADU) potential. Mark Bridge of Cushman & Wakefield represented both Cazador and seller. Debt was originated by Beth Adams at Luther Burbank. Cazador plans to continue an interior renovation play, build multiple ADUs, and entitle additional multifamily units on the oversized parcel.
Jordan Village (West Jordan, UT)
Jordan Village is a 20-unit multifamily property located in the Salt Lake City submarket of West Jordan. With an average unit size of 960 square feet and a low-density feel, the property caters well to families unable to afford the rising home prices of Salt Lake City. Jordan Village appealed to Cazador due to its strong unit mix, tranquil suburban location, and virgin value-add potential. Jordan Village was acquired in a joint venture between Cazador and Canfield Development, an experienced multifamily developer and operator based in Los Angeles, CA. Marcus & Millichap's Kris Mortensen represented both buyer and seller. Colton Smith originated financing from New York-based Ready Capital.
Terrace Towers (Hayward, CA)
48% occupied at time of close, Terrace Towers represented an extremely unique opportunity. Despite uncertainty at an all-time high in the Bay Area, Cazador gained confidence in the substantial discount to replacement cost and strong East Bay submarket. Additionally, the high vacancy was a benefit in rent-controlled Hayward. The 41-unit asset is well located within one mile of downtown Hayward. Colliers' Ryan Rodriguez and Gavin McDowell represented both Cazador and seller. Mike Anderson of George Smith Partners originated financing from ACRES Capital.
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