$2,395,000

The site is zoned multifamily residential vacant land and slated for construction of a 100 unit garden apartment complex known as The Monterey Villas, located at the intersection of San Bernardino and Sierra Avenues within proximity of the Kaiser-Permanente hospital & medical complex. It consists of three separate parcels combined to accommodate two 3-story buildings and one 4-story building with elevator, grade level covered garage and covered and uncovered surface parking spaces, pool & spa, and a fitness and community center. The original size of the complex was 88-units, but with the entitlement package that comes with the project number of units was increased to 100 with the proviso that 12 of the units would be available at affordable rental rates. The project comes with a complete set of construction, structural, mechanical and landscaping plans package. The entitlements are still valid because construction has already begun even though it is currently on hold. The partially constructed project—the foundation of the largest building is already in place. At the time of stoppage of construction were in excess of $1M, with some of the major expenditures, details on the expenditures are provided upon request.