"An area real estate investment and development company, Capitoline Properties, LLC, recently took ownership of the Santa Barbara Tourist Hostel to capitalize on its prime location.
Santa Barbara’s first and only hostel is located at 134 Chapala Street, by the train station and the city’s blossoming Funk Zone. “We believe the Funk Zone’s proximity to the beach as well as the types of businesses that have opened up will make the area a very long term destination for locals and tourists,” said Jared Filippone, Vice President of Capitoline Properties.
Filippone said the company plans to purchase new furniture for the kitchen, lobby, dorm rooms, and private rooms, as well as take care of some deferred maintenance. “We will also be looking to form relationships with local bars, restaurants, bike and surf rentals and other activity vendors to provide our guests with all that Santa Barbara has to offer,” Filippone said.
The purchase was a slight stray from Capitoline’s usual investments in multi-family apartment complexes on California’s Central Coast as well as in Bozeman, Montana. This is the second local acquisition Capitoline has made this year, the first being The Tahitian apartments in Isla Vista.
That purchase was the largest sale of a multi-family property in the South Coast in 2013. Capitoline currently manages about 180 units, including The Tahitian apartments and a building in Orange, CA."
Source: http://www.independent.com/news/2013/oct/14/hostel-bought-sb-real-estate-firm/
Monday, October 14, 2013
Saturday, October 12, 2013
Facebook Billionaire Zuckerberg Quietly Expands Real Estate Collection
"Ironically, when it comes to the personal life of Facebook chief Mark Zuckerberg, you won’t find much online — especially when it comes to his real estate.
But the cofounder of the world’s largest social media site, worth $22.9 billion by FORBES’ Thursday count, has been on quite a home buying spree.
Most recently, Zuckerberg snapped up four Palo Alto, Calif. homes that neighbor his main 5,617-square foot residence, according to the San Jose Mercury News, spending just over $30 million in total.
Don’t expect to find his name on any of the property records, however. The four Silicon Valley homes, located next door to and behind his Edgewood Drive digs, were technically purchased by legal entities associated with Iconiq Capital, a San Francisco-based money manager said to represent Zuckerberg and other uber-wealthy techies. A direct link between the LLCs used to make the purchases and Zuckerberg cannot be made, as the on-record paperwork trail ends with Iconiq."
But the cofounder of the world’s largest social media site, worth $22.9 billion by FORBES’ Thursday count, has been on quite a home buying spree.
Most recently, Zuckerberg snapped up four Palo Alto, Calif. homes that neighbor his main 5,617-square foot residence, according to the San Jose Mercury News, spending just over $30 million in total.
Don’t expect to find his name on any of the property records, however. The four Silicon Valley homes, located next door to and behind his Edgewood Drive digs, were technically purchased by legal entities associated with Iconiq Capital, a San Francisco-based money manager said to represent Zuckerberg and other uber-wealthy techies. A direct link between the LLCs used to make the purchases and Zuckerberg cannot be made, as the on-record paperwork trail ends with Iconiq."
Wednesday, October 2, 2013
FHA Will Continue to Lend During Government Shutdown
Great news: The FHA has announced that for the benefit of the housing mortgage market, the FHA will continue to process loans during the government shutdown.
Read the rest of the article here at Money CNN
Read the rest of the article here at Money CNN
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