DiversyFund Purchases The Independent in Sand City, California for $20 Million

SAND CITY, CALIF. — San Diego-based DiversyFund has purchased The Independent in Sand City, which is just outside of Monterey, California, from an undisclosed seller. Cushman & Wakefield’s Northern California Multifamily Advisory Group brokered the $20 million deal. The Independent was built in 2008 and renovated in 2014 to convert office space on the second floor into additional apartments. The property now offers 61 units and 11,000 square feet of vacant commercial space. Amenities include a courtyard, garage parking and carports.