Arroyo & Coates Negotiates $12.3 Million Sale of Northern California Condominium Conversion
February 13, 2007

WALNUT CREEK, CA - Arroyo & Coates announced today that it acted as advisor to Walnut Creek-based Marina View Investors, LP in the $12,300,000 disposition of Marina View Condominiums, an 80-unit condominium community in Vallejo, CA. The property was acquired by the AF Evans Bay Area Workforce Housing Equity Fund of Oakland.

Originally constructed in 1986 by Ryder Homes, Marina View is located at the intersection of North Camino Alto and Sereno Drive in Vallejo. The community comprises 9 buildings of one and two bedroom units. The seller was represented in the transaction by David Silver, Ken Meislin and Ryan Wagner of Arroyo & Coates. “The Buyer” was represented by Tom Persons of Arroyo & Coates. AF Evans is a diversified development and operating company with experience in affordable, workforce and market-rate housing transactions. The Oakland-based firm has developed over 10,000 units of multifamily housing throughout California, Oregon, Washington and Nevada and currently owns and manages over 6,000 units. For more information on AF Evans, visit www.afevans.com.