In September 2025 Pacific Sands Funds also performed a Preferred Equity deal in Northern California within the city of Freemont. The investment is a $2.4m Preferred Equity position within a recently upgraded/remodeled 78-unit Class B apartment complex. Pacific Sands is partnering with the current owner, New Standard Equities (“NSE”). New Standard Equities owns over 1,800 units in California. NSE is refinancing the existing loan with new debt of $23.1 million, creating a $2.4 million preferred equity investment opportunity. The deal is projected to be a 13% LP (Limited Partner) Net IRR, with a 1.68x multiple return on cost, and 10.1% average annual dividend. The Freemont market has strong tech employment and BART access. This is projected to be a 3–5-year hold.
