Understanding the local market: Rancho Ellen Apartments
Understand the bank’s investment in a multifamily property in a new demographic than the bank was accustomed to, at a time when the investment was drawing increased attention from regulators.
Managing Member Geoffrey Curme spent considerable time in the area and among the resident population, working to understand the local demographics to ensure that the investment met expectations.
First Union had a preferred equity investment in a multi-family property in Oxnard, California, located 60 miles northwest of Los Angeles, near a rich agricultural center and home to truck farming operations. Many of the property’s residents were migrant worker families, a different demographic than the bank was accustomed to working with.
Geoffrey spent time in the community, getting to know residents and becoming deeply familiar with the community. He was able to confidently reassure the bank that its investment was on target.